Female Entrepreneurship

Debate between Baroness Burt of Solihull and Lord Bates

Wednesday 3rd April 2019 Lords Chamber

[Lord Bates]

I am certainly happy to go with the noble Lord on that. He points out, rightly, that the report says that there are 1.1 million fewer women setting up their own businesses compared to the proportion of men doing so in the country. The ambition to change that would therefore result in a boost of some £250 billion to the economy. The report makes interesting reading on the barriers to employment: childcare is certainly a major one. That is why the 30 hours of free childcare for parents of three to four year-olds is such an important contribution, but we are aware that much more needs to be done. The report has given the Government a clear working strategy going forward.

[Baroness Burt of Solihull (LD)]

My Lords, if we want,

“to strengthen the UK’s position as one of the best places in the world for women to start and grow a business”,

as the report says, then no one can be left behind. The Government’s response to the Rose report refers to:

“Easing the financial costs of family care with new banking products”.


Will the Minister outline the government thinking about what these products could be and how they will help the estimated 1.1 million women entrepreneur start-ups that the report estimates are missing from the economic life of this country? If he does not have the facts right at his fingertips, perhaps he would undertake to write to me.

[Lord Bates]

I would be happy to do that to expand but, briefly, the thought was that one of the barriers was in female access to venture capital. An interesting study on that identified bias in the system against female entrepreneurs. It therefore came up with some ideas, along with the British Private Equity & Venture Capital Association and Diversity VC, on how that could be addressed. I think we all recognise that the great research and data that we have seen in the report has given us the ideas to think about policy solutions for the future.

National Insurance Contributions Holiday

Debate between Baroness Burt of Solihull and Lord Bates

Wednesday 27th March 2019 Lords Chamber

[Baroness Burt of Solihull]

To ask Her Majesty’s Government whether they intend to implement their commitment in the 2017 Conservative Manifesto to give a one-year National Insurance contributions holiday to firms that employ those from disadvantaged groups; and if so, when.

[The Minister of State, Department for International Development (Lord Bates) (Con)]

My Lords, we remain committed to delivering on manifesto commitments.

--- Later in debate ---

[Lord Bates]

We will set out any changes as part of the annual fiscal event process in the context of broader government work on employment support and the wider public finances.

[Baroness Burt of Solihull (LD)]

I am grateful for that Answer and delighted to hear that the noble Lord is “committed” to this. Small businesses very often bear the brunt of changes in our economy, so they know how to be flexible. The Federation of Small Businesses found that 95% have taken on an individual from a disadvantaged background in the past three years. With this small incentive, which is in the Minister’s own party’s manifesto, they would be encouraged to identify and utilise the talent that is sitting on their doorsteps. It makes good business, financial and moral sense. Will he and his party please consider carrying out that commitment and implementing their own policy?

[Lord Bates]

The noble Baroness has looked at the Conservative Party manifesto, and I encourage her to read it all. On page 54, where this pledge is mentioned, it is under the heading, “More people in work”. Since the general election, 713,000 more people are in work— I call that quite a delivery.

Small Business, Enterprise and Employment Act 2015 (Consequential Amendments, Savings and Transitional Provisions) Regulations 2017

Debate between Baroness Burt of Solihull and Lord Bates

Monday 22nd January 2018 Lords Chamber

[Baroness Burt of Solihull]

I am interested to know, since the Minister says that BEIS did quantify the costs, why that quantification was not included in the legislation itself, in this instrument.

[Lord Bates]

I shall double-check, but my feeling is that those impact assessments were published earlier in the sequence of legislation and reforms that I mentioned. I shall double-check but if that is not the case, impact assessments are normally a matter of public record and they will therefore be made available. The noble Baroness also asked how the financial sector will benefit from these changes. Where these regulations apply the reforms, firms in the financial sector will benefit from a modernised and streamlined insolvency process. The benefits include removing unnecessary burdens, such as requiring a physical meeting of creditors. Financial institutions will not be directly affected by these. As to the impact these regulations will have on the financial sector, these regulations apply the reforms where appropriate, ensuring that the benefits of the reforms are extended to the financial sector. Where the regulations do not apply the reforms, there will be no impact on the financial sector. As I mentioned, an impact assessment was undertaken.

I come to some points raised by the noble Lord, Lord Tunnicliffe. He focused on recalling the impact of the Banking Act 2009 and asked what the impact might be on the Bank of England’s resolution of banking problems to ensure smooth working. The insolvency regimes for financial sector firms that we are discussing today sit alongside the Bank of England’s powers under the special resolution regime established by the Banking Act 2009. Today’s regulations are required to update and maintain consistency in the legislation that concerns these special insolvency regimes. The regulations do not affect or amend the Bank of England’s powers under the special resolution regime.

The noble Lord also asked about the drafting of the statutory instrument, basically saying that it is not acceptable because you need to see the Banking Act 2009 before it was amended. Today’s regulations are consequential amendments that amend the financial sector insolvency regimes to take account of the April 2017 reforms. Given the limited amount of parliamentary time available, as I mentioned earlier, there are currently no plans to consolidate the regulations.