Small and Medium-sized Enterprises: Interest Rates Debate
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Lord Fox
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Small and Medium-sized Enterprises: Interest Rates
Lord Fox Excerpts(1 year, 3 months ago)
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The Earl of Minto (Con)
I entirely agree with my noble friend about the very good news about the economy. The EIS and SEIS schemes, along with VCT, have been enormously popular and successful, with over £40 billion being invested since their inception in 1994. We are assured by the Chancellor that the Government are committed to their renewal. We absolutely recognise the need for investors and companies, so that investment continues without interruption going forward. My noble friend will understand that I cannot give exact timings today, but the details will be provided by His Majesty’s Treasury ahead of the renewal date. On the European clauses, I ask your Lordships to understand that the Chancellor will have in mind that any renewal is for UK business only and no longer for the wider European audience.
Lord Fox (LD)
My Lords, on 17 July the Financial Times reported that the Prime Minister was convening a new business advisory council, bringing together senior bosses to shape government policy. The paper lists
“AstraZeneca, NatWest, BAE Systems, SSE, Google DeepMind, J Sainsbury, Vodafone, GSK, Aviva, Shell, Sage, Taylor Wimpey, Diageo and Barclays”.
That does not leave much room for the SMEs to get their message across, but it does typify the big business approach taken by this Government. Will the Minister confirm who is on this council, whether it has met yet, and how he expects small and medium-sized businesses to be able to catch the Prime Minister’s ear in such company?
The Earl of Minto (Con)
The noble Lord makes a very good point. Those are some of the largest international companies in the world, and I am sure that they will provide the Prime Minister with some extremely helpful advice. Having said that, as we all know, in this country the vast majority of businesses are small and medium-sized enterprises. In my role, I communicate with them almost constantly, both individuals and representative bodies. The value they have to add to these sorts of fora should not be underestimated. They are an extremely valuable and successful part of our economy.