Oral Answers to Questions

Debate between Craig Tracey and Lord Harrington of Watford

Tuesday 17th July 2018 Commons Chamber

[Richard Harrington]

That is not the picture of the oil and gas industry that I know following a visit to Aberdeen, where I saw more investment, more Government support and more support in the area for this Government’s industrial strategy. I am a great admirer of the hon. Gentleman normally, but I think he must have read the wrong script for this question.

[Craig Tracey (North Warwickshire) (Con)]

9. What steps he is taking to support growth in the small business sector.

--- Later in debate ---

[The Parliamentary Under-Secretary of State for Business, Energy and Industrial Strategy (Richard Harrington)]

Corporation tax rates will be cut from 19% to 17% in 2020. We have doubled the annual allowance for people investing in knowledge-intensive companies through the enterprise investment scheme, and we are investing over £26 million through Be the Business. The Government’s British Business Bank is supporting over 70,000 smaller businesses to access £4.6 billion of finance.

[Craig Tracey]

Thirty-three jobs have been created and supported in my constituency through the small business loans platform, Funding Circle. What more can we do to encourage small businesses, particularly those that are female-owned, to look at wider ranges of finance options to help them to grow?

[Richard Harrington]

We want to ensure that all businesses get to know how to use the finance they need, including our 1.2 million women-owned businesses. Alongside the online finance finder and the business bank’s finance guide, the business bank is working with partners to understand the representation of women in venture capital firms.