Oral Answers to Questions

Debate between Graham Stuart and Mark Pawsey

Thursday 29th March 2018 Commons Chamber

[Mark Pawsey (Rugby) (Con)]

3. What steps his Department is taking to support small and medium-sized businesses to export.

[The Parliamentary Under-Secretary of State for International Trade (Graham Stuart)]

Helping SMEs to export is a high priority for the Department, and we are working through our overseas network, through online services on great.gov.uk, which has had more than 3 million visitors, through our international trade advisers and through export finance. Last year, 79% of companies supported by UK Export Finance were SMEs. Mr Speaker, if, like Roger Federer, I can press on—albeit without the same grace—I would say that exports from the west midlands increased in value by more than 80% between 2010 and 2016.

[Mr Speaker]

The Minister knows which buttons to press.

[Mark Pawsey]

It is great news about the west midlands, but a constituent of mine who has a small business providing services around the world came to tell me about the challenges he faces in getting appropriate banking facilities and about the need to minimise losses on currency transfers. What steps is the Department taking to make sure that UK banks provide the facilities, support and advice that SMEs need in order to export?

[Graham Stuart]

As my hon. Friend will know from running a business, and as I do from my experience, this is a challenge and a work in progress. But we have established strategic relationships with the five leading UK banks. UK Export Finance launched a partnership with those banks in October 2017 to help not only exporters, but those who supply exporters, to easily access Government-backed financial support.