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British Library Board (Power to Borrow) Bill - Sitting 1

30 September 2020

Proposing MP
Laurence Robertson Con
Tewkesbury
Type
Public Bill Committee

At a Glance

Issue Summary

The statement discusses the British Library Board (Power to Borrow) Bill and its importance in enabling the British Library to borrow money for expansion and supporting businesses. The statement addresses the British Library Board (Power to Borrow) Bill which aims to allow the British Library to borrow money similarly to other cultural institutions. The statement discusses the British Library Board's ability to borrow commercially and its impact on public services during lockdown.

Action Requested

The speaker supports the Bill, which allows the British Library to borrow money from the Public Works Loan Board through its sponsor Department, DCMS. This will enable the library to expand business and IP centres across the UK and support more small and medium-sized enterprises. The Bill also permits the British Library to undertake various other initiatives with borrowed funds.

Key Facts

  • The Bill allows the British Library to borrow money from the Public Works Loan Board through DCMS.
  • The British Library has helped over 12,000 SMEs in the past three years.
  • Businesses supported by the library's centres have a 90% success rate of lasting more than three years.
  • The Chancellor announced £13 million extra to support libraries throughout the UK.
  • The Boston Spa Renewed project received £95 million and Leeds will host a British Library North with an additional £25 million funding.
  • The Bill grants the British Library the power to borrow money similar to DCMS-sponsored museums, galleries, BFI, Churches Conservation Trust, Historic England.
  • Financial support of up to £95 million for the British Library’s plans at Boston Spa, £13 million for expanding business and intellectual property centres network, and £25 million towards finding a site in Leeds for British Library North has been confirmed by the Chancellor.
  • The Bill does not mandate borrowing but provides an option for the library to do so if needed.
  • The board has the right to borrow commercially but must prove better value for money than government loans.
  • The British Library received £13 million investment to expand its Business and IP Centre Network.
  • The 'Unfinished Business' series of events was postponed due to lockdown but will open next month.
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