Asked by: Andrew Griffith (Conservative - Arundel and South Downs)
Question to the Department for Work and Pensions:
To ask the Secretary of State for Work and Pensions, what steps her Department is taking to enable more small business to take advantage of the Kickstart scheme.
Answered by Mims Davies - Minister of State (Department for Work and Pensions)
From 3 February we will remove the 30 job minimum requirement for applications to the Kickstart Scheme. This will make the scheme accessible to even more employers, giving them choice about whether to apply directly or via one of over 600 approved Kickstart Gateways. We continue to engage with employers to maintain the high interest in the scheme with over 120,000 jobs approved to date.
For many employers Kickstart gateways will still play an important role. They can offer help with the necessary wrap around support for the young person, training and applications or can provide a route into the scheme for organisations without a PAYE system.
Sole traders and those without a PAYE system can continue to apply through the Gateway set up in partnership between FSB and AWV.
Asked by: Andrew Griffith (Conservative - Arundel and South Downs)
Question to the Department for Work and Pensions:
To ask the Secretary of State for Work and Pensions, what steps her Department is taking to promote environmentally sustainable investments by pension funds.
Answered by Guy Opperman - Parliamentary Under-Secretary (Department for Transport)
For several years the DWP has taken action to ensure that sustainable investment by pension funds is both possible and encouraged. This has been in several different ways.
In 2018 we brought forward the ESG Regulations. These require trustees of schemes with 100 or more members to publish a policy on environmental considerations including climate change, and defined contribution schemes are required to publically report annually on how they have implemented their policy. This policy was expanded upon in 2019.
In 2020 the Government brought in the Pension Schemes Bill; Section 124 provides powers to impose a wide range of climate-related requirements, including to report in line with the recommendations of the Taskforce on Climate-related Financial Disclosures (TCFD), and to take account of the Paris Agreement goal. This is a world first. This, the first pensions-related bill to specifically cover climate change, completed its passage of Parliament on 19th January 2021. We will bring forward detailed draft regulations and statutory guidance to in the coming days. Subject to approval by Parliament, these duties will come into force in October 2021.
Whilst many schemes can and do invest in environmentally sustainable opportunities within the charge cap, the Government is seeking to make it easier for pension scheme trustees to invest in ‘productive finance’ that funds infrastructure, small businesses and the transition to ‘net zero’. To that end we have consulted upon changes to the rules and requirements relating to the investment by pension funds in illiquid investments.
The fragmentation of the UK pensions market is holding us back. The Government will introduce changes in October of this year to drive consolidation of the UK Defined Contribution pensions market. Without a faster rate of consolidation and greater scale, members of smaller schemes simply cannot benefit from the potential returns and greater diversification that investments such as green infrastructure or the sustainable businesses of the future can offer.
Finally, the government is also creating a Green Gilt to provide another investment vehicle for pension funds in sustainable investments.
Asked by: Andrew Griffith (Conservative - Arundel and South Downs)
Question to the Department for Work and Pensions:
To ask the Minister for Women and Equalities, what steps the Government Equalities Office is taking to support women to start their own business.
Answered by Kemi Badenoch - President of the Board of Trade
I want the UK to be the best place for women to start a business. As much as £250 billion of new value could be added to the UK economy if women started and scaled businesses at the same rate as men.
My officials at the Government Equalities Office have supported the Minister for Women to host a roundtable for a diverse range of female entrepreneurs at all stages of their journey. I was delighted to support the recent report published by the Female Founders Forum Project, showcasing successful female entrepreneurs who are powering the UK’s recovery.
The government’s Start-Up Loans programme has provided more than 31,000 loans, worth over £245 million, to women, as of October 2020.
In response to the Rose Review the government has set out an ambition to increase the number of female entrepreneurs by 50% by 2030, equivalent to nearly 600,000 additional female entrepreneurs.