British Business Bank marks a decade of transformative impact on the economy and smaller businesses across Yorkshire and the Humber

• British Business Bank publishes The Power of 10: 10 Year Impact Report, highlighting its impact on the UK and regional economies
• £6bn in additional turnover expected to be generated by Yorkshire and the Humber businesses backed by the Bank
• Yorkshire and the Humber regional economic output expected to be boosted by around £3bn through business growth over the lifetime of their finance
• 186,000 existing roles sustained and 16,000 additional jobs expected to be created through Bank-supported finance programmes across the region
• 18,000 Yorkshire and the Humber-based smaller businesses supported
• Yorkshire and the Humber made up almost 9% of businesses supported across the UK

Published today by the British Business Bank, The Power of 10: 10 Year Impact Report, reveals Yorkshire and the Humber-based smaller businesses supported by the Bank are projected to generate an additional £6bn in turnover. Through this growth, the Bank estimates that these businesses will boost UK economic output by an estimated £3bn over the lifetime of their finance.

Having supported Yorkshire and the Humber businesses and facilitated economy-wide growth, the finance provided is expected to create over 16,000 jobs among businesses in the region, along with sustaining an additional 186,000 existing positions.

Cat Smith, Senior Network Manager for Yorkshire and the Humber at British Business Bank, commented:“The impact we’ve had across Yorkshire and the Humber over the last 10 years is nothing short of remarkable. The British Business Bank was established to ensure every small business can access the finance they need to start up, scale and grow, no matter where they’re based in the UK. And that’s exactly what we’ve achieved.

“Yorkshire and the Humber is an incredibly diverse region which plays host to a number of key specialisms, from advanced manufacturing in Sheffield to financial and professional services in Leeds and digital and media in York. By working to ensure every ambitious entrepreneur across our region can access the finance they need, we’ve been able to crowd in private sector investment, delivering regional economic growth and create jobs in the local community.

“This is exactly what we want to continue doing across Yorkshire and the Humber, and indeed across the rest of the UK. Our region is home to a whole host of incredibly ambitious businesses and entrepreneurs, and it’s our job to make sure they have the right support and funding ecosystem around them to help unlock this potential.”

The national picture

Across the UK, the Bank has delivered more than £32bn in combined public and private sector funding since 2014, supporting 209,000 smaller businesses. This is expected to create 250,000 additional jobs and to support almost 2.3 million existing positions, cementing its role as a critical driver of growth and employment in the UK since its inception.

The smaller businesses supported by the Bank are projected to generate £97bn in additional turnover, which the Bank estimates will boost UK economic output by around £43bn over the lifetime of their finance, contributing significantly to long-term economic value and innovation.

The Bank's activities have also achieved a 4.2% annual combined commercial, mandated and service arm adjusted rate of return, demonstrating that economic impact and financial returns can be delivered simultaneously.

Ensuring access to finance reaches all UK Nations and regions

The British Business Bank has successfully supported businesses across the UK, with 84% of businesses supported based outside London, underscoring its commitment to delivering fair access to finance in all Nations and regions.

This support is expected to generate significant economic benefits, estimated at £1bn in Gross Value Added (GVA) or more to each of the 12 UK Nations and regions and sustaining more than two million jobs, with an additional 250,000 jobs expected to be created as a result.

By strengthening regional finance ecosystems, the Bank has fostered growth and innovation in underserved areas, helping to address long-standing disparities in access to finance.

Programmes such as the Regional Angels Programme and £1.6bn Nations and Regions Investment Funds have driven investment in regional innovation clusters, helping to retain high-growth businesses in these areas. The Northern Powerhouse Investment II (NPIF II) recently announced it made 130 investments totalling £50m since its launch in March 2024.

Louis Taylor, CEO, British Business Bank, said: “The Power of 10: 10 Year Impact Report highlights the transformative role the British Business bank has played in driving economic growth and shaping the financial landscape for smaller businesses across the UK.

“From improving access to finance across the UK’s Nations and regions to backing innovation and championing sustainable growth, we are proud of the impact we’ve achieved over the past decade. Looking ahead, we remain committed to supporting smaller businesses, unlocking private sector investment, and helping the UK meet its economic goals.

“The catalytic impact of the British Business Bank and impressive track record crowding in private funding will become even more crucial as we establish the British Growth Partnership, subject to regulatory approval, unlocking the huge potential of UK pension funds and other institutional investors in venture capital funds and the UK’s innovative businesses.”

Business Secretary Jonathan Reynolds said: “Over the past decade, the British Business Bank has empowered smaller businesses to thrive, creating opportunities and driving growth across the UK.

“They’ve supported more than 2 million jobs, created £97 billion in additional turnover, and delivered £32 billion in funding - its impact is clear. As part of our Plan for Change, this Government remains committed to building a high-growth economy, and the Bank’s success shows how public investment and private ambition can deliver lasting value for the nation.

“The work of the British Business Bank is essential in our mission to grow the economy and improving living standards by supporting small businesses to flourish.”