Annual Report and Accounts 2024

Our Annual Report and Accounts reports on the performance of the Bank during the 2023/24 financial year.

The report covers the performance of the Bank’s core programmes during the year against its strategic priorities: driving sustainable growth, backing innovation, unlocking potential, and building the modern, green economy.

Key highlights of the British Business Bank Annual Report

The Bank’s performance against its measured objectives in the last financial year was as follows:

• Driving sustainable growth: ensuring smaller businesses can access the right type of finance they need to start, survive and grow - £777m of debt commitments, versus a target of £713m
• Backing innovation: ensuring innovative businesses can access the right capital to start and scale - £1,527m of equity commitments versus a target of £1,331m
• Unlocking potential: unlocking growth by ensuring entrepreneurs can access the finance they need regardless of where and who they are - £1,782m of gross deployment outside of London versus a target of £1,080m
• Building the modern, green economy: financing ground-breaking solutions to climate change and helping smaller businesses transition to net zero so they thrive in a green future - The Bank published its first Task Force on Climate-related Financial Disclosures (TCFD) and undertook first submissions under both the Principles of Responsible Investment (PRI) and the UN Global Compact (UNGC) within the 2023/24 financial year, meeting its target of delivering required sustainability reporting.

2024 Impact Report

This year, for the first time, the British Business Bank publishes an Impact Report alongside its Annual Report and Accounts. The report looks at how the Bank’s activity in 2023 directly supports the country’s economy, what outputs and outcomes are generated, and what impact we can expect from our activities over the longer term.