Oral Answers to Questions

Debate between Chris Elmore and Simon Kirby

Tuesday 29th November 2016 Commons Chamber

[Chris Elmore (Ogmore) (Lab/Co-op)]

7. What assessment he has made of the potential effect on the ability of small and medium-sized businesses to raise capital of the UK leaving the EU.

[The Economic Secretary to the Treasury (Simon Kirby)]

The UK remains very much open for business and the Government are committed to supporting SMEs to access the capital they need to grow, as demonstrated by the £400 million increase in funding for the British Business Bank announced at the autumn statement, unlocking £1 billion of funding.

[Chris Elmore]

The Minister will be aware that more than £10 billion of EU structural funds is invested annually in the UK, particularly in Wales. Indeed, in my constituency of Ogmore, many small and medium-sized businesses have benefited from Jobs Growth Wales, which is a success of the Welsh Labour Government. Will the Minister give a cast-iron guarantee to the people of Wales that structural funding will continue, pound for pound, after we leave the European Union?

[Simon Kirby]

We want to see the economy benefit every part of the UK. It is interesting to note that there are almost 1 million new businesses in our country since 2010, and I note the Prime Minister’s announcement at the CBI conference about the new patient capital review, which will be interesting, I am sure.