Small Business: EU Exports

Baroness Finn Excerpts

Thursday 28th January 2021 Lords Chamber

[Baroness Bloomfield of Hinton Waldrist (Con)]

The noble Baroness makes a number of very important points. The Government have provided the £20 million fund to help SMEs adapt and this includes grants, not just loans, of up to £5,000 to help them through this. In answer to the question on the Trade and Co-operation Agreement, it establishes a standard set of committees and contact points to oversee its operation and run the trade partnership, as well as providing for technical discussion across all other areas. A series of grace periods are agreed in the TCA, including on rules of origin, with evidence of third-party suppliers not required until 2022.

[Baroness Finn (Con) [V]]

Does my noble friend agree that we need to work with SMEs and other businesses to tackle the lower propensity of British businesses to export? We need to seize export opportunities to the EU and those countries outside the EU. Can she therefore update us on what initiatives exist to encourage exports to countries outside the EU?

[Baroness Bloomfield of Hinton Waldrist (Con)]

I am grateful to my noble friend for asking a positive question looking at export markets outside the EU. We are committed to enabling SMEs to benefit from these new markets. They have access to a full range of tailored support from the Department of International Trade, through the Exporting is GREAT digital hub, the “business as usual” scheme for exporters’ working capital and the provision of export credit insurance policies where many commercial providers have scaled back. Further, the general export facility announced in the other place on 7 December provides a government guarantee to the five main banks to provide working capital support for SMEs.