Oral Answers to Questions

Debate between Alice Macdonald and Jonathan Reynolds

Thursday 12th December 2024 Commons Chamber

[Darren Paffey (Southampton Itchen) (Lab)]

12. What steps his Department is taking to support small businesses.

[The Secretary of State for Business and Trade (Jonathan Reynolds)]

Small businesses are the beating heart of our high streets and communities, and are essential to our economic success. That is why, on Small Business Saturday, I announced the business growth service, which will ensure that businesses across the UK get quicker and easier support and advice from Government. Further announcements include the disability finance code for entrepreneurship to improve access to capital and tackle inequality for disabled entrepreneurs. A new fair payment code was launched by the Office of the Small Business Commissioner to help address late payments. Next year, as my hon. Friend has said, the small business strategy will be published to create thriving high streets, easier access to finance, open overseas and domestic markets and enhanced business capability.

[Alice Macdonald]

Small and medium-sized businesses come in many forms, from microbusinesses to community interest companies and co-operatives. Often, co-operative and mutual business models are overlooked. Norwich has a proud history of co-operatives. Will the Secretary of State reassure me that co-operative and mutual business models will be properly included in this Government’s much-needed push to support small and medium-sized businesses?

[Jonathan Reynolds]

I very much welcome my hon. Friend’s question. My area on the eastern side of Greater Manchester has, like hers, a huge history of co-operatives and mutuals. The diversity in business models that they bring is a huge strength; they bring different things to the market and different ways of doing business. The resilience in co-operative models is particularly attractive. I can assure her that they form part of the Government’s wider strategy. Our ambition is to double mutuals’ size in the economy. The Under-Secretary of State for Business and Trade, my hon. Friend the Member for Harrow West (Gareth Thomas), the small business Minister, is leading on that work, and I would love my hon. Friend and businesses from her area to be involved in it.