Oral Answers to Questions

Kit Malthouse Excerpts

Wednesday 25th January 2017 Commons Chamber

[The Prime Minister]

There are a number of organisations that we are part of as members of the European Union. As part of the work that we are doing to look at the United Kingdom’s future after we leave the European Union, we are looking at the arrangements we can put in place in relation to those issues. The pharmaceutical industry in this country is a very important part of our economy, and the ability of people to access these new drugs is also important. I assure the hon. Lady that we are looking seriously at this and will ensure that we have the arrangements that we need.

[Kit Malthouse (North West Hampshire) (Con)]

Q7. Too few British entrepreneurs are connecting with the capital they need to start and grow. As part of her industrial strategy, which will be looking at access to capital, will the Prime Minister order a review of the enterprise investment scheme and the seed enterprise investment scheme in the hope that they can be simplified, helping to create the large pools of buccaneering capital that British industry needs?

[The Prime Minister]

My hon. Friend raises an important issue. He has long been a champion of entrepreneurship in this country, and I can tell him that in the industrial strategy we are committed to providing the best environment for business. The Treasury has established a patient capital review, for example, with a panel chaired by Sir Damon Buffini to look at the barriers that exist to long-term investment. We are also increasing investment in venture capital by the British Business Bank by £400 million, and that will unlock £1 billion of new finance. The Treasury is going to be publishing a consultation in the spring examining these issues, and I am sure my hon. Friend will wish to contribute and respond to that.