Oral Answers to Questions

Fiona Mactaggart Excerpts

Thursday 3rd June 2010 Commons Chamber

[Vince Cable]

I understand the issue because I have studied the reasoning behind the project. However, the hon. Gentleman has got to understand that we must do due diligence and a lot of projects have to be reviewed. There is also the basic question of affordability. We have inherited a very serious financial situation and all such projects must be judged against whether money is available for them.

[Fiona Mactaggart (Slough) (Lab)]

11. What plans he has to support women entrepreneurs; and if he will make a statement.

[The Minister of State, Department for Business, Innovation and Skills (Mr Mark Prisk)]

While the existing start-up rates for female-led businesses compare favourably with other G7 nations, the Government believe that much more needs to be done to help more women in business.

I am currently talking to a wide range of businesses and considering what role the Government should play with regard to access to finance, home-based businesses and enabling more women to start their own firm.

[Fiona Mactaggart]

But the people who need to support women entrepreneurs and are failing to do so are at the banks, despite evidence from the Grameen bank and from the USA that investment in women entrepreneurs can grow the economy. What conversations is the Minister having with the banks to ensure that women-led businesses can succeed? Is he confident that a male team of Ministers will make that a high enough priority?

[Mr Prisk]

The priority of making sure that the banks are doing their job is something that both the Secretary of State and I are working on closely with the banking sector and the Treasury. We agree with the hon. Lady that we need to make sure that the banks are doing their job properly. I think there was a degree of, dare I say, complacency from some Ministers at the end of the last Government that all things were settled, but she is right to point out that they are not. She has also rightly pointed out the gender imbalance on the Front Bench, but I am pleased to tell her that my noble Friend Baroness Wilcox, who represents this Department in the other place, is working closely with me on the question of women in business. Baroness Wilcox is a successful business woman herself and I think she will make an excellent contribution. I know the hon. Lady takes a close interest in this matter. If she and other business women here would like to contribute to the debate, so that we can ensure we get the gender balance right and help more firms, they would be very welcome.