British Business Bank Takes London Up a Notch
Last week the British Business Bank dropped its second annual Impact Report, shining a light on how the bank has been fueling UK businesses this past year – including a hefty slice from London.
London Gets a Big Standing Ovation
Of all the fresh businesses that the Bank backed, a 16 % were born in the capital. That means 3,900 London‑based companies got a first taste of Bank‑supported finance they hadn’t seen before.
Why this matters: London is the go‑to playground for early‑stage investment – a city where 29 % of UK angel investors call home, and where 35 % of their deals favour London firms (2023/24). Ensuring those entrepreneurs get the cash they need is a key piece of the UK’s growth puzzle.
CEO Spells Out the Big Picture
Louis Taylor, CEO of the British Business Bank summed it up: “It’s been a hectic and productive 2024/25 for us. We’ve stepped up our game, delivering real impact by fuelling economic growth and sparking innovation across the nations and regions.”
He added that the Bank is proud to be showing a profit this year – a welcome turnaround after two years of “unrealised statutory losses” tied to the COVID‑19 catch‑up on big valuation swings.
Looking ahead, the Bank predicts it will generate 38,000 new jobs and add £8.0 bn of gross value added over the lifetime of the financing.
Money Makes the Magic Happen
Throughout 2024/25, the Bank channeled a total of £6.8 bn in finance into smaller firms across the UK, broken down like this:
- £1.2 bn from public funding
- £2.6 bn in lending that we guaranteed
- £3.0 bn of private capital we helped attract
This cocktail of funding enabled us to back 24,000 firms that had never previously benefited from Bank‑sponsored capital, and an additional 4,000 that had just come on board this very year.
London’s Role Doesn’t Stop Here
“London remains a hub for the UK’s business activity, and we’re committed to making sure the city’s entrepreneurs can access the funds they need,” Taylor reaffirmed. “When the capital’s companies thrive, the whole country gets a boost.”
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