Slaughter and May, working closely with BIS Legal Advisers, advised the Department for Business, Innovation and Skills in connection with the establishment of the British Business Bank, the creation of which was first announced by the Secretary of State for Business, Innovation and Skills in September 2012.

The British Business Bank has been given responsibility for the development and implementation of the UK Government's support activities in relation to the provision of finance to small and medium-sized businesses, and now houses a number of existing state funding schemes for such businesses. State aid approval from the European Commission for the commencement of operations of the British Business Bank was received on 15 October 2014 and the British Business Bank began operations as an independent entity on 1 November 2014.

CONTACTS

Corporate and Commercial: Robin Ogle (partner), Paul Dickson (partner), Christopher Cowley (associate), Thomas Braiden (associate), Michael Kenny (associate), Nick Johnston (associate); Competition: Isabel Taylor (partner), Kate Houston (associate); Financial Regulation: Jan Putnis (partner)