British Business Bank delivers £700 million boost for North West economy

The North West economy is expected to see a £700 million boost in output as a result of support for businesses in the region provided through the British Business Bank in 2024/25.

The UK government’s economic development bank has revealed in its latest annual Impact Report that its support of 2,900 businesses in the North West is expected to generate £1.6 billion in additional turnover over the lifetime of the finance. This has supported 32,100 existing jobs, while it is estimated to create an additional 3,000 jobs over the life of the finance provided. Nationally, the Bank supported a total of £6.8 billion of finance for smaller businesses from public funding, guaranteed lending and private capital.

One of the key drivers of the British Business Bank’s impact in the North West is the £660 million Northern Powerhouse Investment Fund II (NPIF II), which recently celebrated its one-year anniversary. The fund has driven over £130 million of financing, comprising of over £80 million of direct investment and an additional £55 million of private leverage since its launch. 

The Impact Report comes as the Bank’s reach was boosted in June’s Spending Review, where it saw its financial capacity increased to £25.6 billion, enabling it to increase annual investments to around £2.5 billion a year and crowd in more third party capital.  

The report underlines the Bank’s continued commitment to the North West and wider Nations and regions. 84% of the businesses supported by the Bank in 2024/25 were based outside of London – helping to deliver more than a £100 million boost to economic output in each and every UK Nation and region. 

Delyth Edwards, Senior Network Manager at the British Business Bank, said:

“It’s been another strong year for the British Business Bank, supporting even more businesses across our region, creating jobs and stimulating economic growth. The last year hasn’t been without its challenges for our small business community, but the North West remains a hub for forward-thinking, innovative entrepreneurs, so it’s great to be playing a part in their business journeys. We’re poised to continue delivering on this track record, and I can’t wait for us to support even more incredible businesses.”