Oral Answers to Questions

Debate between Andrew Bingham and Mark Hoban

Tuesday 24th April 2012 Commons Chamber

[Andrew Bingham (High Peak) (Con)]

16. What steps he is taking to increase the availability of credit to small businesses.

[The Financial Secretary to the Treasury (Mr Mark Hoban)]

The Government have announced a range of initiatives to help small businesses access finance from a wide range of sources, including the national loan guarantee scheme and the business finance partnership.

[Andrew Bingham]

I thank my hon. Friend for that answer and welcome the Government’s efforts on this matter. Does he agree that in constituencies such as High Peak, micro-businesses are still having difficulties finding loans, despite the assurances of the banks that they are open for business? What words of support and advice can he offer the small, independent business owners upon whom the recovery depends to such a great extent?

[Mr Hoban]

My hon. Friend raises an important point, and having visited his constituency, I know it is very rural. He might encourage businesses in his constituency to apply for the rural economy grant scheme, which is worth £60 million and is open to businesses operating in rural areas in certain markets, including agri-foods, tourism and digital media technology. I would encourage them to do so.

Equitable Life

Debate between Andrew Bingham and Mark Hoban

Thursday 22nd July 2010 Commons Chamber

[Mr Hoban]

I welcome my hon. Friend’s comments. Many people’s confidence in saving has been shaken as a consequence of what happened at Equitable Life, but she will recall that last month, my right hon. Friend the Chancellor announced reforms to the regulation of financial services, which will include a new consumer champion—a consumer markets and protection authority. That is one way to help to improve regulation and to give people confidence about saving for their future.

[Andrew Bingham (High Peak) (Con)]

I congratulate the Minister on the speed with which he has dealt with this matter compared with the previous Labour Government. He is looking to make payments in mid-2011, which is a great deal better than the other lot led us to believe, but winter is coming up—winters tend to be a bit colder in the High Peak than in other constituencies—so is there any opportunity to make interim payments?

[Mr Hoban]

That suggestion has been made on a number of occasions, and I thought very carefully about interim payments. It is difficult to make an interim payment before the scheme is designed. Such payments would add complexity and delay to the creation of the scheme. When the commission considers its findings, I hope it may well decide that certain groups should receive payments in priority to others.