Why is the UK investing in £6.45bn Kraken when it doesn’t need public money? | Nils Pratley

Given the software company's size and funding options, British Business Bank's investment looks like mission creep

The state-owned multi-tentacled British Business Bank has never been a simple organisation to understand, but at least one could vaguely grasp its intended role in life. Our mission is to drive economic growth by helping smaller businesses get the finance they need to start, scale and stay in the UK," declares its website.

Jolly good. For decades, complaints have been heard about gaps in the financing ecosystem for startups and for promising young UK companies, particularly those in tech-related and life science fields, or those spinning out of universities. So one can applaud the existence of a large and distinctly British source of capital to crowd in", as politicians like to say, private venture funds.