Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, what steps his Department is taking to encourage (a) women and (b) people from ethnic minorities to found start-up companies.

Answered by Gareth Thomas - Parliamentary Under Secretary of State (Department for Business and Trade)

Start-up companies, including those founded by women and people from ethnic minorities, are essential to our economic success.

All businesses can access support through the Business Support Service, the gov.uk website, their local Growth Hub, and Help to Grow.

The Start Up Loans Company, part of the government backed British Business Bank, provides loans and mentoring to new entrepreneurs. Since 2012, over 69,000 loans have been made to women and founders from an ethnic minority background.

Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, whether his Department plans to implement the recommendations of the policy paper entitled The Harrington Review of Foreign Direct Investment, published on 22 November 2023.

Answered by Sarah Jones - Minister of State (Department for Energy Security and Net Zero)

The Department for Business & Trade is leading and supporting on many initiatives that deliver the recommendations set out in the Harrington Review. This includes; developing the Industrial Strategy to drive long-term sustainable, inclusive and secure growth through securing investment into crucial sectors of the economy.

We are supporting HM Treasury to develop a National Wealth Fund to mobilise private capital and simplify investor access to financial support. We are supporting regional growth by working with local leaders to realise investment opportunities in every region of the UK, such as working with Mayors in England to develop Local Growth Plans.

Question to the Ministry of Housing, Communities and Local Government:

To ask the Secretary of State for Housing, Communities and Local Government, what assessment her Department has made of the adequacy of Buckinghamshire Council's financial planning, in the context of increases in levels of demand for services.

Answered by Jim McMahon - Minister of State (Housing, Communities and Local Government)

Councils are responsible for their own financial management, and the department does not monitor their day-to-day business.

The Government is under no illusions about the scale of the pressures that local authorities are facing. We recognise the vital work that local councils do for their communities and stand ready to speak to any council that is experiencing financial difficulties.

The Government will work closely with councils to provide more stability through multi-year funding settlements, ending competitive bidding for pots of money and reforming the local audit system. Future local authority funding decisions will be a matter for the next Spending Review and Local Government Finance Settlement.

Question to the Ministry of Housing, Communities and Local Government:

To ask the Secretary of State for Housing, Communities and Local Government, what steps her Department is taking to monitor the financial health of Buckinghamshire council; and what steps her Department takes to support councils that may be at risk of financial difficulties.

Answered by Jim McMahon - Minister of State (Housing, Communities and Local Government)

Councils are responsible for their own financial management, and the department does not monitor their day-to-day business.

The Government is under no illusions about the scale of the pressures that local authorities are facing. We recognise the vital work that local councils do for their communities and stand ready to speak to any council that is experiencing financial difficulties.

The Government will work closely with councils to provide more stability through multi-year funding settlements, ending competitive bidding for pots of money and reforming the local audit system. Future local authority funding decisions will be a matter for the next Spending Review and Local Government Finance Settlement.

Question to the Ministry of Housing, Communities and Local Government:

To ask the Secretary of State for Housing, Communities and Local Government, what recent discussions her Department has had with Buckinghamshire Council on that Council's (a) financial resilience and (b) long-term sustainability.

Answered by Jim McMahon - Minister of State (Housing, Communities and Local Government)

Councils are responsible for their own financial management, and the department does not monitor their day-to-day business.

The Government is under no illusions about the scale of the pressures that local authorities are facing. We recognise the vital work that local councils do for their communities and stand ready to speak to any council that is experiencing financial difficulties.

The Government will work closely with councils to provide more stability through multi-year funding settlements, ending competitive bidding for pots of money and reforming the local audit system. Future local authority funding decisions will be a matter for the next Spending Review and Local Government Finance Settlement.

Question to the Ministry of Housing, Communities and Local Government:

To ask the Secretary of State for Housing, Communities and Local Government, what recent discussions her Department has had with Buckinghamshire Council on the adequacy of its financial reserves.

Answered by Jim McMahon - Minister of State (Housing, Communities and Local Government)

Councils are responsible for their own financial management, and the department does not monitor their day-to-day business.

The Government is under no illusions about the scale of the pressures that local authorities are facing. We recognise the vital work that local councils do for their communities and stand ready to speak to any council that is experiencing financial difficulties.

The Government will work closely with councils to provide more stability through multi-year funding settlements, ending competitive bidding for pots of money and reforming the local audit system. Future local authority funding decisions will be a matter for the next Spending Review and Local Government Finance Settlement.

Question to the Ministry of Housing, Communities and Local Government:

To ask the Secretary of State for Housing, Communities and Local Government, what assessment her Department has made of the financial sustainability of Buckinghamshire Council in the 2024-25 financial year.

Answered by Jim McMahon - Minister of State (Housing, Communities and Local Government)

Councils are responsible for their own financial management, and the department does not monitor their day-to-day business.

The Government is under no illusions about the scale of the pressures that local authorities are facing. We recognise the vital work that local councils do for their communities and stand ready to speak to any council that is experiencing financial difficulties.

The Government will work closely with councils to provide more stability through multi-year funding settlements, ending competitive bidding for pots of money and reforming the local audit system. Future local authority funding decisions will be a matter for the next Spending Review and Local Government Finance Settlement.

Question to the Department for Transport:

To ask the Secretary of State for Transport, what assessment her Department has made of the potential merits of the Aylesbury spur of the East-West Rail link for the (a) Buckinghamshire and (b) UK economy.

Answered by Lilian Greenwood - Parliamentary Under-Secretary (Department for Transport)

Along with East West Rail Company and Network Rail, the Department for Transport is considering the merits of providing an East West Rail link to Aylesbury, and shared both cost information and the results of business case analysis with the local authority. A final decision will be made in due course.

Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, what steps the Office for Investment has taken to build and strengthen international partnerships that promote inward investment to the UK.

Answered by Sarah Jones - Minister of State (Department for Energy Security and Net Zero)

The Government’s international investment partnerships will be crucial for driving economic growth in the UK. The Office for Investment continues to work with teams in the Department for Business and Trade and other departments across government to amplify opportunities for collaboration and the pursuit of shared goals through these partnerships, where stability, predictability, and trust are key. The International Investment Summit on 14 October will be a significant next step to deliver this message to our existing and potential new partners.

Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, what steps the Office for Investment is taking in response to global economic trends to maintain the attractiveness of the UK as an investment destination.

Answered by Sarah Jones - Minister of State (Department for Energy Security and Net Zero)

To respond to global economic trends and increasing competition for future industries, the Government has announced a set of first steps to improve the UK’s attractiveness as an investment destination, including through driving planning reform and launching our new National Wealth Fund and GB Energy. The Office for Investment (OfI) helps to improve the competitiveness of the UK’s overall offer for investors through focused support for the most globally mobile investment projects.

Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, what metrics his Department uses to assess the performance of the Office for Investment; and how it has performed against those metrics in the last year.

Answered by Sarah Jones - Minister of State (Department for Energy Security and Net Zero)

The Department for Business and Trade uses a range of metrics and data to review the performance of its investment promotion function, of which the Office for Investment is a part. These include internal evidence, for instance on the number of projects DBT has been involved in, the Gross Value Added, and the number of jobs created, as well as external evidence from various sources. During 2023-24 DBT supported the delivery of 1,018 FDI projects, creating 57,037 jobs and generating an estimated £5.8 billion GVA over the next three years. The department also supported over £7 billion in large capital investments and £0.86 billion in Venture Capital injections.

Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, what initiatives the Office for Investment has introduced to attract investment in small and medium-sized enterprises in the UK.

Answered by Sarah Jones - Minister of State (Department for Energy Security and Net Zero)

The service the Department for Business and Trade (DBT) offers is tailored to investors’ needs and the value of their projects. The Office for Investment (OfI) focuses on supporting a select number of the highest value investments. For lower value investments DBT provides support through Expand Your Business, an online portal designed to address the ‘information gap’ for foreign investors. The Government also works through the British Business Bank to improve access to investment for small and mid-sized businesses through targeted interventions. The Bank’s programmes support over £17 billion of finance to small and high-growth businesses, backing almost 64,000 businesses across the UK.

Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, whether his Department plans to review the Office for Investment's strategy.

Answered by Sarah Jones - Minister of State (Department for Energy Security and Net Zero)

The Office for Investment is a small joint unit between 10 Downing Street and the Department for Business and Trade (DBT), the department responsible for investment into the UK. It is a delivery-focused team whose strategic objectives are fully aligned with those of DBT. It was established to increase the UK’s chances of landing the most strategically important investments. It works alongside teams from DBT, the UK’s international network, and other departments, providing an additional level of support for a handful of high-value projects which are particularly complex and require cross-government convening to unblock barriers.