London Daily

Focus on the big picture.

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."

Related Articles

London Daily
EU to Transfer Interest from Frozen Russian Funds to Ukraine
Greenpeace Co-Founder Paul Watson Arrested in Greenland
EU Relocates Summit to Punish Hungary over Orban's Ukraine Visit
Netanyahu Seeks Meeting with Trump During Washington Visit
World's Hottest Day Recorded on July 21
UK Labour Government To Halt Migrant Housing on Accommodation Barge
President Biden Returns to White House After Testing COVID Negative
Trump Says Kamala Harris Would Be Easier Election Opponent Than Biden
Thousands Protest in Mallorca Against Mass Tourism
Immigration Crackdown Targets Car Washes and Beauty Sector
Nigeria's Controversial Return to Colonial-Era National Anthem
Hacking Vulnerabilities: Androids vs. iPhones
Ukraine Crisis Should Be EU's Responsibility, Says Trump’s Envoy
A Week of Turmoil: Key Moments in US Politics
Barrow's Sacred Heart Primary School Faces Long-Term Closure
German National Sentenced to Death in Belarus
Elon Musk's Companies Drop CrowdStrike After Global Windows 10 Outage
US Advises India on Russian Ties Amid Geopolitical Shifts
Trump Pledges to End Ukraine Conflict if Reelected
Global IT Outage Unveils Digital Vulnerabilities
Global IT Outage Sparks Questions About Financial Accountability
CrowdStrike Bug Affects 8.5 Million Windows Devices
Flights Resume After Major Microsoft Outage
US Criticizes International Court's Opinion on Israeli Occupation
CrowdStrike Update Causes Global IT Outage Due to Skipped Quality Checks
EU’s Patronizing Attitude Towards Africa Revealed
Netanyahu Denounces World Court Ruling on Israeli Occupation
Adidas Drops Bella Hadid Over Controversy
Global Outage Caused by CrowdStrike Update Impacts Millions
Massive Flight Cancellations Across the U.S. Due to Microsoft Outage
Global Windows Outage Causes Chaos Across Banks, Airlines, and More
Russia Accuses Ukraine of Using Chemical Weapons
UK's Flawed COVID-19 Planning Exposed by Inquiry
Ursula von der Leyen Wins Second Term as European Commission President
Police Officer Injured in Attack in Central Paris
Hulk Hogan absolutely tore it up at the RNC.
Paris is being "cleansed" of migrants and homeless people ahead of the Olympics.
Lamine Yamal arriving at his school after winning the Euros
Campaigners Urge UK Government to Block Shein's London IPO
UK Labour Government's Legislative Agenda
UK Labour Government to Regulate Powerful AI Models
Record Heat Temperatures in Ukraine Amid Power Crisis
UK Government Plans to Remove 92 Hereditary Peers from House of Lords
King Charles III Delivers Labour Government's First King's Speech
Officials Remove 'Disastrous' Label from Liz Truss's Mini-Budget
Keir Starmer Outlines Ambitious Plans for Government
Japan to Allocate $3.3 Billion to Ukraine Using Frozen Russian Assets
EU Parliament Condemns Hungarian PM's Russia Visit
FBI Struggles to Find Motive Behind Trump Shooting Incident
Kremlin Criticizes EU Rejection of Orban’s Ukraine Peace Proposal