Oral Answers to Questions

Debate between Margot James and Paul Blomfield

Wednesday 23rd November 2016 Commons Chamber

[Paul Blomfield (Sheffield Central) (Lab)]

3. What steps he is taking to ensure that Scottish small and medium-sized enterprises are protected from economic uncertainty.

[The Parliamentary Under-Secretary of State for Business, Energy and Industrial Strategy (Margot James)]

The Government will continue to provide an environment where small and medium-sized enterprises everywhere can thrive. That means cutting red tape, keeping taxes low, tackling late payment and improving access to finance. We are committed to ensuring the whole of the UK is a great place to start and grow a business.

[Paul Blomfield]

Figures produced by the Scottish Government show that SMEs constitute 99% of all private sector enterprise and more than 50% of employment in Scotland. If the economy suffers any form of setback—and the Chancellor is predicting one—these enterprises will be hardest hit. Given their importance, what is the Minister doing to reduce uncertainty and to support their growth?

[Margot James]

The UK economy is strong in spite of uncertainty. Scottish SMEs currently benefit from nearly £400 million of investment from the British Business Bank and Innovate UK aimed at helping them to grow and capitalise on new technologies and new export markets.