Oral Answers to Questions

Craig Tracey Excerpts

Tuesday 15th November 2022 Commons Chamber

[Siobhan Baillie (Stroud) (Con)]

4. What steps he is taking with Cabinet colleagues to reduce red tape for small and medium-sized enterprises.

[Craig Tracey (North Warwickshire) (Con)]

7. What steps he is taking with Cabinet colleagues to reduce red tape for small and medium-sized enterprises.

[Dean Russell (Watford) (Con)]

11. What steps he is taking with Cabinet colleagues to reduce red tape for small and medium-sized enterprises.

--- Later in debate ---

[Andrew Griffith]

My hon. Friend regularly champions the cause of her constituents with Ministers. The Government are committed to reforming the Consumer Credit Act, recognising the need for modernisation of this regulation. I hope that such reform can support the vital investment needed to improve the sustainability of homes in her constituency and across the UK.

[Craig Tracey]

As a former small business owner in the financial services sector, I know all too well how red tape and disproportionate regulation hamper competitors in the industry, often to the detriment of consumers, particularly those who are vulnerable. The Financial Services and Markets Bill presents a great opportunity to ensure that our world-leading insurance and financial services industry remains globally competitive. Can the Minister confirm that he will take all possible steps to ensure that the Bill delivers to its full potential, with regulators being held more accountable for their decisions?

[Andrew Griffith]

I can give my hon. Friend that assurance. As he knows, the Government are committed to effective, efficient and proportionate regulation. He has advocated a number of amendments to that Bill, and I am giving them due consideration.