Small Business Index

Lord Hunt of Kings Heath Excerpts

Monday 18th February 2019 Lords Chamber

[Baroness Vere of Norbiton]

The noble Baroness raises a very important point and I will certainly write to her with any further information I have about whether we will set up project bank accounts. Working capital does indeed sometimes get sucked out of small businesses and into large companies, and it is unacceptable. She referred to the report as “dismal” and I have to disagree. I agree with her that it is mixed; however, the annual change in confidence is minus 7.4, compared with an average annual change of minus 8 over the last four years, so we are nowhere near the dreadful situation we were in a few years ago.

[Lord Hunt of Kings Heath (Lab)]

My Lords, I pay tribute to my noble friend Lord Harrison and say how good it is to see him back in his place. What message would the Government like to give to small traders in Swindon, who will be damaged incredibly by the Honda decision? Is this the Brexit dividend that the Government promised us?

[Baroness Vere of Norbiton]

My noble friend has already referred to the news that came out of Swindon shortly before we came into the Chamber today. From what I have seen to date, it looks as if the closure will happen over a three-year period. The Government will be working very closely with all the suppliers, be they large or small, and with all the employees who may need to find alternative employment over the next few years.