Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, pursuant to the Answer of 23 November 2021 to Question 77452 on Future Fund, what steps his Department is taking to tackle disparities in equity finance across the regions.

The Government reaffirmed its commitment to supporting equity finance across the UK at the 2021 Spending Review. We announced over £1.6 billion of new funding for the British Business Bank’s (BBB) regional investment funds, which provide debt and equity finance for SMEs to help them with their next stage of growth.

This funding will allow the BBB to set up new funds in Scotland and Wales and build on its existing activity in Northern Ireland. It will also see existing regional funds expand to allow businesses in the North East and South West of England to benefit from debt and equity finance provision.

We have also committed an additional £150 million to the Regional Angels Programme, which helps entrepreneurs across the UK access early-stage equity finance. Of the initial £100m commitment through this programme, 80 per cent went to businesses outside London and the South East of England.