A review led by the ex-Goldman Sachs economist would recommend examining the British Business Bank’s capacity to acquire external funds as part of an assessment of its operational independence.
This week, an assessment commissioned by Labour’s shadow chancellor will conclude that the operational independence of the British Business Bank should be evaluated as part of measures to encourage investment in high-growth British enterprises.
The inquiry, conducted by Lord O’Neill, the former chief economist of Goldman Sachs and a senior Treasury minister, would recommend that Labor investigate the state-owned lender’s mandate and its capacity to leverage external funds.
The conclusion, one of many reportedly reached by Lord O’Neill and other panel members, is part of Labour’s efforts to frame itself as a government-in-waiting that supports enterprise.
The review, commissioned by Rachel Reeves, the shadow chancellor, in June, will be published to coincide with the party’s business conference.
John Allan, the chairman of Tesco, and Amanda Blanc, the chief executive officer of Aviva, are set to attend the event in London.
A source acquainted with the evaluation stated: “This week, Labour’s Start-Up Review will include reform ideas for the British Business Bank.
There is expected to be a significant regional component to these reforms, including an emphasis on developing clusters around groups of universities in different regions of the United Kingdom and using them to stimulate growth and investment across the country.
Lord O’Neill declined to comment on the report’s results, but in June he stated, “The more all political parties promote the ecosystem of start-ups for the United Kingdom, the more they become woven into the DNA of future policy thinking.”
Ms. Reeves announced the commissioning of the assessment as follows: “The creativity and drive of our entrepreneurs and the inventive potential of our universities are enormous assets for the United Kingdom.
However, I have regularly heard from businesses a genuine concern regarding the tiny number of start-ups listing in the UK and the persistent impediments stopping many of them from expanding.
