{"id":543,"date":"2023-09-25T04:46:09","date_gmt":"2023-09-25T04:46:09","guid":{"rendered":"https:\/\/ventil.rs\/blog\/business\/state-owned-british-business-bank-reveals-147m-annual-loss\/"},"modified":"2023-09-25T04:46:09","modified_gmt":"2023-09-25T04:46:09","slug":"state-owned-british-business-bank-reveals-147m-annual-loss","status":"publish","type":"post","link":"https:\/\/ventil.rs\/blog\/business\/state-owned-british-business-bank-reveals-147m-annual-loss\/","title":{"rendered":"State-owned British Business Bank reveals \u00a3147m annual loss"},"content":{"rendered":"


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For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails<\/h3>\n

Sign up to our free breaking news emails<\/h3>\n<\/p>\n<\/div>\n<\/div>\n<\/div>\n

The government-owned British<\/a> Business Bank has said UK taxpayers will feel the long-term benefits of plugging billions of pounds into small firms after revealing it swung to a loss of more than \u00a3147m last year.<\/p>\n

The UK\u2019s economic development bank said it was impacted by wider economic difficulties which led to a drop in the valuation of firms it invests in.<\/p>\n

It reported a pre-tax loss for the year to the end of March of \u00a3147.3m, compared to a profit of \u00a3604.8m the previous year.<\/p>\n

The bank, which lends money to and buys stakes in smaller UK businesses to help them start and grow, made \u00a31.6bn worth of funding agreements during the latest year.<\/p>\n


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I think we generate a good return for the taxpayer<\/p>\n<\/blockquote>\n<\/div>\n

Louis Taylor, the BBB’s chief executive<\/p>\n<\/figure>\n

It brings the total funding to \u00a312.4bn to more than 90,000 businesses since the bank\u2019s launch in 2014. The total figure does not include the Covid<\/a>-19 loans which were administered by the British Business Bank<\/a> (BBB).<\/p>\n

UK taxpayers, who back the bank, have \u201cnot lost any money\u201d, chief executive Louis Taylor made clear.<\/p>\n

Mr Taylor told the PA news agency: \u201cI think we generate a good return for the taxpayer.<\/p>\n

\u201cThese are long-term investments and we are confident that over time, when we actually realise these investments, they will yield profitable growth for us but also real social benefit for the economy.\u201d<\/p>\n

The bank said it had been affected by falls in the market valuations of companies, especially in the technology sector which saw valuations cut after the pandemic.<\/p>\n

But it said the drop in valuations and a consequent loss was expected after investing more in recent years.<\/p>\n

\u201cI think our portfolio has been performing very well,\u201d Mr Taylor told PA.<\/p>\n

\u201cIt is not without its issues, and it is not without any defaults at all, but we are a risk-taking organisation.\u201d<\/p>\n

The bank\u2019s Start Up Loans programme recently reached a milestone of \u00a31bn in lending, with more than half the funding going to small businesses run by women and ethnic minorities.<\/p>\n

The scheme targets underrepresented groups who are excluded from mainstream finance to help them start business, and regions outside of London<\/a> and the South East.<\/p>\n


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There are a lot of companies we see that have investment plans but are waiting for the right time where they feel more confident to launch them<\/p>\n<\/blockquote>\n<\/div>\n

Louis Taylor, the BBB’s chief executive<\/p>\n<\/figure>\n

Nearly all of its funding is given by providers outside of the \u201cbig five\u201d British banks.<\/p>\n

\u201cThe bank is more than self-sufficient in terms of operating itself from the income it generates from the portfolio,\u201d Mr Taylor said.<\/p>\n

\u201cIf you add in the social value of what we do, [the return] is very high indeed.\u201d<\/p>\n

The bank boss said UK smaller businesses are feeling more cautious now than in recent months amid higher interest rates and uncertainty over the future of the economy.<\/p>\n

He added: \u201cThere are a lot of companies we see that have investment plans, but are waiting for the right time where they feel more confident to launch them.\u201d<\/p>\n

But there is \u201cdynamism\u201d amid the caution, he said, with businesses being launched in all corners of the UK.<\/p>\n<\/div>\n


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For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails The government-owned British Business Bank has said UK taxpayers will feel the long-term benefits of plugging billions of pounds into small firms after revealing it swung to a…<\/p>\n

Read More “State-owned British Business Bank reveals \u00a3147m annual loss”<\/span> »<\/a><\/p>\n","protected":false},"author":1,"featured_media":544,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/static.independent.co.uk\/2023\/09\/25\/00\/25113011-55f3f680-d648-4bdd-9c04-1ffb8524a479.jpg?quality=75&width=1200&auto=webp","fifu_image_alt":"","footnotes":""},"categories":[3],"tags":[],"class_list":["post-543","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"\nState-owned British Business Bank reveals \u00a3147m annual loss - Breaking News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ventil.rs\/blog\/business\/state-owned-british-business-bank-reveals-147m-annual-loss\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"State-owned British Business Bank reveals \u00a3147m annual loss\" \/>\n<meta property=\"og:description\" content=\"For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails The government-owned British Business Bank has said UK taxpayers will feel the long-term benefits of plugging billions of pounds into small firms after revealing it swung to a...Read More “State-owned British Business Bank reveals \u00a3147m annual loss” »\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ventil.rs\/blog\/business\/state-owned-british-business-bank-reveals-147m-annual-loss\/\" \/>\n<meta property=\"og:site_name\" content=\"Breaking News\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-25T04:46:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.independent.co.uk\/2023\/09\/25\/00\/25113011-55f3f680-d648-4bdd-9c04-1ffb8524a479.jpg?quality=75&width=1200&auto=webp\" \/><meta property=\"og:image\" content=\"https:\/\/static.independent.co.uk\/2023\/09\/25\/00\/25113011-55f3f680-d648-4bdd-9c04-1ffb8524a479.jpg?quality=75&width=1200&auto=webp\" \/>\n<meta name=\"author\" content=\"Admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/static.independent.co.uk\/2023\/09\/25\/00\/25113011-55f3f680-d648-4bdd-9c04-1ffb8524a479.jpg?quality=75&width=1200&auto=webp\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ventil.rs\/blog\/business\/state-owned-british-business-bank-reveals-147m-annual-loss\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/ventil.rs\/blog\/business\/state-owned-british-business-bank-reveals-147m-annual-loss\/\"},\"author\":{\"name\":\"Admin\",\"@id\":\"https:\/\/ventil.rs\/blog\/#\/schema\/person\/8b364f5cc7fbc8705a888e63db8c026a\"},\"headline\":\"State-owned British Business Bank reveals \u00a3147m annual loss\",\"datePublished\":\"2023-09-25T04:46:09+00:00\",\"dateModified\":\"2023-09-25T04:46:09+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ventil.rs\/blog\/business\/state-owned-british-business-bank-reveals-147m-annual-loss\/\"},\"wordCount\":571,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ventil.rs\/blog\/#organization\"},\"articleSection\":[\"Business\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ventil.rs\/blog\/business\/state-owned-british-business-bank-reveals-147m-annual-loss\/#respond\"]}],\"copyrightYear\":\"2023\",\"copyrightHolder\":{\"@id\":\"https:\/\/ventil.rs\/blog\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ventil.rs\/blog\/business\/state-owned-british-business-bank-reveals-147m-annual-loss\/\",\"url\":\"https:\/\/ventil.rs\/blog\/business\/state-owned-british-business-bank-reveals-147m-annual-loss\/\",\"name\":\"State-owned British Business Bank reveals \u00a3147m annual loss - 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