Oral Answers to Questions

Debate between Jonathan Reynolds and Ashley Dalton

Thursday 5th September 2024 Commons Chamber

[Ashley Dalton (West Lancashire) (Lab)]

18. What assessment he has made of the potential contribution of small businesses to the Government’s growth mission.

[The Secretary of State for Business and Trade (Jonathan Reynolds)]

small businesses are the beating heart of our high streets and communities, and they are essential to economic success and our growth mission. We want growth in every part of the UK, and small businesses have an enormous role to play in that.

--- Later in debate ---

[Jonathan Reynolds]

I also welcome my hon. Friend to her place. I was pleased to meet her at the Farnborough air show, of which I am sure her community is extremely proud. I also extend birthday wishes to the Federation of Small Businesses, with which we work very closely, particularly on policies on issues such as late payments. I am always aware of the FSB’s incredible coverage; it has over 150,000 members across the country. Of course, the FSB began in Blackpool, so it is another great thing that the north-west of England has given this country.

[Ashley Dalton]

West Lancashire is rich in small and medium-sized enterprises and boasts several markets, but local business owners and market traders tell me that a lack of access to cash banking services is a major obstacle to growing their businesses and is placing additional costs on trading. How are the Government planning to support SMEs’ access to cash banking services, especially in rural areas?

[Jonathan Reynolds]

This issue is important to Members in all parts of the country, but I recognise my hon. Friend’s particular point about prosperous rural economies. Access to banking and financial services is a prime example of the fact that the Government will work across every Department to make sure we are giving businesses what they need. I am not nostalgic, and I understand that banking has changed, but small businesses need to be able to deposit cash on the high street. The key policy in this area will be run by the Treasury, but this is about changing the eligibility for banking hubs, so that we have more of them. We will see at least an additional 350 in this Parliament, including in my constituency; tomorrow, I will take a sneak peek at the new banking hub in Stalybridge.