Oral Answers to Questions

Debate between Lord Bellingham and David Jones

Wednesday 20th November 2013 Commons Chamber

[Mr Henry Bellingham (North West Norfolk) (Con)]

3. What plans he has to encourage growth in the small and medium-sized enterprise sector in Wales.

[The Secretary of State for Wales (Mr David Jones)]

Small and medium-sized enterprises are vital to the economy in Wales and, indeed, the UK as a whole. That is why we have launched the Business is Great campaign, focusing on how we can further support these thriving businesses.

[Mr Bellingham]

I agree with the Secretary of State that small businesses in the Principality and across the country are the lifeblood of the economy. Considerable moves have been made already on the tax front and in lifting burdensome regulations. What more can he do, working with the Welsh Government, further to enhance wealth creation and the job-generating power of small businesses?

[Mr Jones]

My hon. Friend is absolutely right that SMEs are the backbone of the Welsh economy, and we are keen to do all we can to encourage them. That is why we have initiated the StartUp loans scheme, which has already lent about £50 million to more than 9,000 new businesses. With effect from this October, working with the Welsh Government, we have announced the scheme’s roll-out to Wales, so that any Welsh entrepreneur with a good idea can come forward and apply for a loan.