Barry Sheerman
Main Page: Barry Sheerman (Labour (Co-op) - Huddersfield)Department Debates - View all Barry Sheerman's debates with the Department for Education
(11 years ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Matthew Hancock
Like my hon. Friend and many Members across the House, I will be celebrating small business Saturday this weekend. We are constantly vigilant and listening to small businesses to make sure that their task is made easier and the burdens we place on them made smaller.
Mr Barry Sheerman (Huddersfield) (Lab/Co-op)
If the Minister is in listening mode and cares so much about regulation, will he look very carefully at the threat to crowdfunding, which is a real alternative for small business and community group start-ups? The Financial Conduct Authority is conducting an inquiry and consultation. If we get this wrong and implement inappropriate regulation, it will kill something wonderful that can regenerate communities and business.
Matthew Hancock
I agree with every word that the hon. Gentleman says. We are supporting crowdfunding on financial terms, not least through the new business bank, but we are also making sure that it can operate in a high-quality framework. The fact that there will be a regulatory framework around crowd-sourced funding has been welcomed by the sector. We have to get it right, and I will meet Martin Wheatley of the FCA to make sure that we get the details right.