Economy: Infrastructure

Debate between Lord Deighton and Earl of Listowel

Tuesday 23rd July 2013 Lords Chamber

[Lord Deighton]

I share the noble Lord’s observation that the current performance of the banks in supporting small and medium-sized businesses needs support. That is why we introduced Funding for Lending and amended it to make it more effective in cheapening banks’ funding for those areas. It is also why we have the business bank in place. I agree that some of the schemes need time to bed in, and they need to be activated faster and more effectively, because this is a critical part of our plan to get the economy growing again.

[The Earl of Listowel]

My Lords, can the Minister say what part high-quality, affordable childcare will play in freeing up the workforce for small and medium-sized enterprises, particularly for women entering the workplace?

[Lord Deighton]

I thank the noble Earl for drawing attention to the importance of flexibility in the workforce, the way that it relates to our policies in the area of welfare and its reform and the support that we are giving to get valuable members of the workforce back into being productive members of this economy.