British Business Bank Framework Agreement
We fulfill our mission in the first place by serving on the Board of Directors and some of its commissions. Last year, we worked with HMT and The Royal Mint to better align the governance structure with the government`s mint objectives and to develop the medium-term strategy of remaining profitable despite the long-term decline in cash use. With regard to COVID-19, the UKGI team supported The Royal Mint in its options to keep the business open and provide taxes for available state support packages. We are pleased to see that The Royal Mint has used its technical expertise to manufacture and manufacture medical visors to protect front-line caregivers in the NHS. In 2020, the UK government assumed the role of shareholder of Defence Equipment – Support (DE-S) on behalf of the Ministry of Defence. The organization is responsible for the secure purchase and support of a wide range of equipment for the British armed forces and proceeds with the dismantling and disposal when the equipment reaches the end of its life. The company works at more than 150 sites worldwide and is working on a budget of $178 billion over the next ten years. UKGI manages a portfolio of companies (including UKFI-managed financial institutions) in which the government participates and works with more than 10 different government departments and management teams to help these companies optimize their performance in the most commercial way possible. UKGI played an important role in the creation of the British Business Bank. Projects included advice to ministers on the explanatory statement and options for the creation of a single business development bank, which would seek to improve the functioning of financial markets for small and medium-sized enterprises (SMEs). The new bank has combined existing teams with new teams recruited to provide know-how in innovative areas such as wholesale solutions.
UkGI also approved state aid to the Bank and its programs, as well as appointed the Bank`s first board members. British Business Bank is a public financial institution. It stimulates economic growth by improving the functioning of financial markets for small businesses in the UK, allowing these businesses to prosper and grow. Its aim is to make the uk`s small business financial markets work better at all stages of their development: creation, scale and anticipation. The main objectives that the British Business Bank intends to achieve are the smallest: small businesses do not benefit from direct financing from the British Business Bank. Instead, it provides funds and guarantees from commercial lenders and investors who use these financial resources, with their own money, to lend to or invest in smaller British companies.
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