Oral Answers to Questions

Debate between Iain Stewart and Greg Hands

Thursday 11th January 2018 Commons Chamber

[James Morris (Halesowen and Rowley Regis) (Con)]

8. What steps his Department is taking to support exports by small and medium-sized businesses.

[The Minister for Trade Policy (Greg Hands)]

We have three main ways to support exports by SMEs. First, the great.gov.uk website offers digital tools, and has had more than 2.7 million visitors; secondly, international trade advisers based across England are supporting businesses; and thirdly, UK Export Finance has provided £3 billion in support. Last year it helped 221 UK companies, 79% of which were SMEs.

[Iain Stewart]

I am grateful for that answer. An additional hurdle faced by many SMEs in growing their exports is obtaining affordable political risk insurance. What steps can the Minister’s Department take to help in that matter?

[Greg Hands]

My hon. Friend asks a good and pertinent question, and that is why UK Export Finance is working to ensure that SMEs can access the insurance that they need to export and invest overseas with confidence. Last year we launched an enhanced overseas investment insurance product to protect UK businesses against political risk when investing abroad, and I strongly recommend that product to companies in my hon. Friend’s Milton Keynes constituency.