Local Government: Advisory Services
The question
To ask the Chancellor of the Exchequer, whether local authorities are able to utilise the expertise of the (a) Office for Investment, (b) National Wealth Fund and (c) British Business Bank.
Answered by Lucy Rigby
The UK's public investment bodies, including the Office for Investment, National Wealth Fund, and British Business Bank, are committed to working with each other, local government and the private sector to support regional growth.
a) The Office for Investment actively pursues investment projects that support national growth missions and infrastructure strategies across the UK. It will work closely with local and regional partners, including local authorities, to support this. This includes helping key places to identify, develop, and showcase investment opportunities with global investors that are aligned with the UK's Industrial Strategy.
b) The National Wealth Fund offers commercial and financial advice, and has £4bn to provide low-cost lending, to local authorities across the UK. It is also trialling Strategic Partnerships with Greater Manchester, West Yorkshire, West Midlands, and Glasgow City Region to provide enhanced support to help places develop and finance long-term investment opportunities.
c) The British Business Bank works closely with local and regional stakeholders to improve access to finance for small and medium-sized enterprises, including through its Nations and Regions Investment Funds and upcoming cluster champion activity, supporting local economic priorities through targeted funding and investment readiness support.
Verbatim has judged this answer against the question that was actually asked — answered, partly answered, or evaded. Sign in to see the verdict →