Government-owned British Business Bank records £147m loss

The Government-owned British Business Bank lends money to and buys stakes in smaller UK businesses to help them start and grow billions of pounds into small firms after revealing that it swung to a loss of more than £147m last year.

The UK’s economic development bank said it was affected by wider economic difficulties which led to a drop in the valuation of firms it invests in. It reported a pre-tax loss for the year to the end of March of £147.3m, compared to a profit of £604.8m the previous year.to help them start and grow, made £1.6bn worth of funding agreements during the latest year.Mr Taylor said: “I think we generate a good return for the taxpayer.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.

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