UK Tradeshow Programme Closure
Earl Attlee Excerpts(9 months ago)
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Lord Johnson of Lainston (Con)
I am always grateful to the noble Lord for the challenge but, actually, I believe that we have come to the right conclusion, which is to crowd in significant numbers of businesses to single and key focused trade shows. We provide a great deal of support beforehand, including language and culture training and skills training to make sure that these businesses are prepared. During the mission, a Minister normally accompanies the businesses to get greater penetration into the market that we are trying to sell into.
It is no good just giving a few hundred pounds to a small business to have a small trade stand in a very large trade show. What you need is to put a proper front on. Great Britain is selling its wares to the world and, by concentrating that firepower, we have far greater effect. I also believe that we have better value for money. It is worth talking to some of the businesses that have participated in these trade shows, where the feedback has been excellent. I say this without prejudice, but other countries are jealous of the extraordinary quality of the stands that we build, which project the union jack across these wonderful events.
Earl Attlee (Con)
My Lords, what are the Government doing about the problem of de-banking less popular businesses, such as defence and the oil and gas industry?
Lord Johnson of Lainston (Con)
I am not entirely sure whether that is a question for me, but the noble Earl touches on defence, and I would say that we have been doing a huge amount on defence and security exports to promote our industries. New arrangements, such as AUKUS, are also incredibly powerful in driving our exports in that area. I also draw this House’s attention to the Saudi Great Futures event, which will launch on 14 May. Over the past few days we have sent out literally thousands of invitations to businesses, and we will fly a huge quantity over to Riyadh in the middle of May to celebrate the enormous opportunities that we see in that country, working on projects such as NEOM. Across the board there is an enormous amount that we are doing. I shall have to refer the question about banking to one of my colleagues.
British Steel
Earl Attlee Excerpts(1 year, 1 month ago)
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The Earl of Minto (Con)
I completely understand the position of the noble Lord. During this transition period there is bound to be some effect. However, once the new systems are in place, there should be no change.
Earl Attlee (Con)
My Lords, like the noble Lord I support the UK steel industry. Can my noble friend the Minister say how much ferrous scrap the UK economy generates and how much we export overseas?
The Earl of Minto (Con)
I thank my noble friend for that question. We generate just over £11 million-worth of ferrous scrap each year, of which about £8 million-worth is exported.
Small and Medium-sized Enterprises: Interest Rates
Earl Attlee Excerpts(1 year, 3 months ago)
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The Earl of Minto (Con)
My Lords, it is an extremely good point. If one goes back to before the financial crisis in 2008, when the big five really dominated, there has been nothing short of a revolution in business lending since then. In fact, last year some 55% of all SME borrowing came from challenger banks—at-base banks and specialist SME banks such as OakNorth and Hampshire Trust Bank. The whole structure has changed in the last few years, and my guess is that some of the more traditional banks are feeling the pain in this area.
Earl Attlee (Con)
My Lords, is the Minister aware that the UK hovercraft industry is experiencing serious difficulties in obtaining performance bonds to cover stage payments in the construction of a hovercraft? If the answer is not in my noble friend’s brief, can he write to me?
The Earl of Minto (Con)
I was not aware that there was this trouble in the hovercraft industry. My guess is that it is something to do with the balance sheet, but I will certainly write to him and we will follow that one up.