British Business Bank plans 'sovereign growth fund' ambitions - reports

Louis Taylor

The new chief executive of the British Business Bank has said he wants the financial institution to be given greater independence and a wider remit to invest.

Louis Taylor said he wanted the state-owned development investor to become a ‘sovereign growth fund' to back British start-ups, in an interview with the Financial Times. The aim would be to reinvest proceeds from its venture capital investments, Taylor said. British Business Bank's venture capital arm, British Patient Capital, has a remit until 2028, which Taylor wants the government to extend. VCT investment increases 68% to £1.1bn It was launched in 2018 with a ten-year mandate and an initial £2.5bn of government funding, after the Treasury identified that a lack of access...