Oral Answers to Questions
Debate between Lord McCrea of Magherafelt and Cookstown and Danny Alexander(11 years, 9 months ago)
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Danny Alexander
I certainly agree that there is a need to diversify the range of funding sources, including the one my hon. Friend describes, particularly for small businesses and businesses with high growth potential. That is the purpose of the seed enterprise investment scheme. The business bank has a remit to try to diversify the range of sources of finance available for small businesses, because in this country we are too dependent on solely bank finance. I shall certainly consider what my hon. Friend said.
Dr William McCrea (South Antrim) (DUP)
Small and medium-sized businesses are still finding it difficult to get banks to lend them essential finance. What further steps can the Minister take to reconnect banks with the reality of business? Up to now, it seems that banks have been a law unto themselves.
Danny Alexander
The hon. Gentleman makes a very good point. That is the purpose of a number of the schemes I mentioned earlier. The funding for lending scheme is designed to get banks to lend more to small businesses, and a complaints process has been put in place, allowing independent adjudication when cases go wrong. I encourage the hon. Gentleman to refer constituents to the scheme, which has overturned bank decisions in a large number of cases.
Oral Answers to Questions
Debate between Lord McCrea of Magherafelt and Cookstown and Danny Alexander(14 years, 2 months ago)
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Danny Alexander
My hon. Friend makes a very important point. We will make decisions on spending and announce them on 20 October in the spending review statement. The point he makes is important, and I very much take it to heart.
Dr William McCrea (South Antrim) (DUP)
During a visit by the Deputy Prime Minister to Northern Ireland last week, he stated, “I will go away with colleagues in the coalition Government to look at the possible impact of the deficit reduction plan on capital expenditure in Northern Ireland.” Can the Chancellor confirm that that has been done and what steps will be taken in response?