Today, the British Business Bank has published its second annual Impact Report, detailing its performance across the UK over the past year, including London.
Of the businesses newly supported by the British Business Bank, 16% originate in London. This has enabled the Bank to support 3,900 businesses across the region that hadn’t received Bank-supported funding before.
London, a key hub for early-stage investment, was home to a third (29%) of UK angel investors with 35% of their deals supported London-based businesses in 2023/24.[1] Therefore, ensuring the capital’s businesses have access to the finance they need is crucial to support economic growth throughout the UK.
Louis Taylor, CEO, British Business Bank, said: “In a busy and productive 2024/25, the British Business Bank amplified its role, delivering significant impact in driving economic growth and innovation and playing its part in the economic transformation of the UK’s Nations and regions.
“It is pleasing to be returning a profit this year, following two years of unrealised statutory losses due to the unwind of significant accelerated valuation gains experienced during the Covid-19 period. Our activities in 2024/25 are expected to produce an impact of 38,000 additional jobs and £8.0bn of gross value added over the life of the finance.
“London continues to be a hub for the UK’s business activity, and we are committed to ensuring the city’s businesses have access to the finance they need to drive economic growth throughout the UK.”
Across the UK in 2024/25, the Bank supported a total of £6.8bn of finance for smaller businesses – £1.2bn of our public funding, £2.6bn of lending guaranteed and an additional £3.0bn of private capital crowded in.
This enabled the Bank to support 24,000 businesses that hadn’t received Bank-supported funding before, as well as 4,000 that were first funded by the Bank before 2024/25.
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