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.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

British Business Bank says ‘social benefit’ is high as it swings to yearly lossThe UK’s economic development bank said it was impacted by wider economic difficulties which led to a drop in the valuation of firms it invests in.
Source: LBC - 🏆 17. / 74 Read more »

Business leaders slam Government for creating doubt over future of HS2'You've got the Government talking about one of their main agendas being levelling up - and it's just simply not the case'
Source: i newspaper - 🏆 8. / 89 Read more »