The British Business Bank, owned by the Government, has won the profits again, since it advances with the efforts to support the ambitious growth plans of Foreign Minister Rachel Reeves.
The United Kingdom's Economic Development Bank recorded a profit before taxes of £ 144 million in the year until March, balancing a loss of £ 122 million a year earlier.
It is the first gain that the bank has provided since 2022 after the valuation of the companies in which it invested was affected by challenging economic conditions.
In its latest annual accounts set, the British Business Bank said that its investments and financing activities are expected to have created around 38,000 additional jobs.
The bank, which provides money and buys participations in smaller companies in the United Kingdom to help them start and grow, supported £ 6.8 billion financing agreements during the last year.
He said that this included £ 1.2 billion in its public financing, £ 2.6 billion guaranteed loans and others 3 billion private capital.
The return to profitability and increased financing agreements occur in the midst of government efforts to accelerate economic growth throughout the United Kingdom.
The Government agreed to increase the financial capacity of the bank to £ 25.6 billion to help increase annual investments to around £ 2.5 billion a year and gather more third party capital.
Louis Taylor, executive director of the British Business Bank, said: “In a crowded and productive 2024/25, the British Business Bank amplified its role, providing a significant impact on promoting economic growth and innovation and playing its role in the economic transformation of the nations and regions of the United Kingdom.
“At the same time, we have undertaken a significant remodeling of our organization to prepare for an expanded mandate and long -term ambitions.
“Having an economic development bank with permanent capital and a consistent risk appetite, underpinning the United Kingdom risk and growth market through its cycles, is a powerful and very positive development.”
Stephen Welton, president of the organization, said: “With a national history at the national level in promoting economic growth, innovation and jobs, in the next 10 years we hope that the British Business Bank becomes a much more visible and recognizable institution, firmly integrated into the national narration of lower growth and business success.”
