London Daily

Focus on the big picture.
Tuesday, Jan 14, 2025

British Business Bank needs new mandate, Lord O'Neill to say in Labour review

British Business Bank needs new mandate, Lord O'Neill to say in Labour review

The British Business Bank's ability to access external funding should be explored as part of a review of its operational independence, Sky News understands a review led by the ex-Goldman Sachs economist will say.
The British Business Bank's operational independence should be reviewed as part of efforts to stimulate investment in high-growth British businesses, a review commissioned by Labour's shadow chancellor will say this week.

Sky News understands that the review, which has been led by Lord O'Neill, the former Goldman Sachs chief economist and one-time Treasury minister, will recommend that Labour explores the state-owned lender's mandate, as well as its ability to leverage external funding.

The conclusion, one of dozens said to have been reached by Lord O'Neill and fellow panel members, forms part of Labour's efforts to position itself as a pro-enterprise government-in-waiting.

Commissioned by Rachel Reeves, the shadow chancellor, in June, the review will be published to coincide with a business conference convened by the party.

Prominent business leaders including John Allan, the Tesco chairman, and Amanda Blanc, the Aviva chief executive, are scheduled to attend the event in London.

One source familiar with the review said: "Labour's Start-Up Review this week will include proposals to reform the British Business Bank.

"There is likely to be a strong regional element to these reforms, including a focus on encouraging clusters around groups of universities across different parts of the UK and using them to drive growth and investment across the country."

The review of the BBB's operational independence from government is likely to provoke renewed debate about the institution's performance since it was established in 2014.

Lord O'Neill declined to comment on the report's findings but said in June: "The more all political parties support the ecosystem of start-ups for the UK, the more they become entwined in the DNA of policy thinking for the future."

Announcing the commissioning of the review, Ms Reeves said: "Britain has immense resources in the creativity and drive of our entrepreneurs, and the innovative capacity of our universities.

"But something I have heard repeatedly from businesspeople is a real worry about the small number of start-ups listing in the UK and the stubborn obstacles preventing many of them from scaling up."
Newsletter

Related Articles

0:00
0:00
Close
France Urges EU to Act on Musk's Political Influence as Tensions Rise
Former Special Forces Blast Defense Ministry for Revealing Sensitive Details
Celebrity Responses to California Wildfires: Charity, Criticism, and Controversy
The Wildfires of Los Angeles: A Devastating Impact on Celebrities and California's Leadership
Tragic Loss: Teenager's Death Sparks Community Reflection in Bedford and London
UK Government Proposes Cap on Resale Ticket Prices to Combat Touts
Greenland's Future Caught in Diplomatic Crossfire Between Trump and Europe
EU Prepared to Lead Support for Ukraine Amid US Uncertainty, Says Estonian Prime Minister
Brompton E-Bike Component Diverted to UK Military Drone Production, Causes Delays
Romanian Gang Convicted of Human Trafficking and Exploitation in Dundee
Persistent Cold Snap Grips the UK: Severe Frost and Snow Disrupt Daily Life
Germany Faces Alarming Rise in Homelessness, New Report Shows
China’s Appetite for Salmon: A Game Changer in Global Seafood Markets
Russian Bots Allegedly Amplified NATO Critic Prior to Croatian Election, Researchers Reveal
Armenia Considers EU Membership Referendum Amid Strained Ties with Russia
French Finance Minister Explores Pension Reform Compromise to Secure Budget Agreement
Armenia Considers EU Referendum Amid Growing Rift with Russia
New Wildfire Ignites in Los Angeles as Region Battles Devastating Blazes
The Espionage Unraveled: A Russian Spy Network's Intricacies in the UK
U.S. Supreme Court Rejects Trump's Bid to Delay Sentencing in Hush Money Case
UK Financial Markets Remain Calm Amid Rising Government Borrowing Costs
Stellantis Achieves UK Electric Vehicle Sales Mandate Amid Factory Closure
TikTok Faces Potential Ban in the United States Amid Security Concerns
Pound Plummets to 14-Month Low Amid Concerns Over UK Borrowing Costs
Tensions Rise Over Planned Pro-Palestinian March in London
Bomb Scare in Central London: Abandoned Car Sparks Panic Near Regent Street
Police Seek Suspect in Antisemitic Incident at Liverpool Street Station
Regulatory Reprimand for London Charity Over Fundraising for Israeli Soldier
The Duchess of Sussex Mourns Devastating Loss of Beloved Rescue Dog
From Chairman to Controversial Politician: Rupert Lowe's Journeys in Business and Politics
Metropolitan Police Halts Pro-Palestine March Near BBC Due to Proximity to Synagogue
Inside Warwick Hospital: A Glimpse into the NHS's Battle Against Winter Pressures
Chappell Roan: A Synth-Pop Sensation Emerges as BBC Sound Of 2025 Winner
Search Intensifies for Missing Aberdeen Sisters Eliza and Henrietta Huszti
Pioneering Drug Consumption Room Opens in Glasgow
Ryanair Initiates Legal Action Against Disruptive Passenger in Landmark Case
Former Brexit Negotiator Oliver Robbins Appointed Top Civil Servant at UK Foreign Office
British Hiker Found Deceased Amidst Dolomites Search: Investigation Underway
Pound Falls as UK Borrowing Costs Reach Financial Crisis Levels
Italian Journalist Cecilia Sala Released from Iranian Detention
OpenAI CEO Sam Altman Faces Allegations of Childhood Sexual Abuse by Sister
OpenAI CEO Sam Altman Denies Sister's Allegations of Sexual Abuse
UK Markets Under Pressure as Gilt Yields Surge
Arrest Made in Connection to Stabbing of Iranian Journalist in London
Arrest Made in Fatal Drive-By Shooting Outside London Church
Parliamentary Suspension Over Racist Remarks Highlights Tensions in UK Politics
Debate Intensifies Over Call for Child Abuse Inquiry Amidst Musk's Comments
Mark Zuckerberg's U-Turn: Moving Toward Free Speech on Facebook and Instagram, For a Change
Britain's authorities' support for pedophiles has gone insane
Canadian Prime Minister Justin Trudeau has finally announced his resignation from a role he should never have held in the first place
×