Long-term Capital for Business

Marion Fellows Excerpts

Tuesday 15th January 2019 Westminster Hall

[Marion Fellows (Motherwell and Wishaw) (SNP)]

It is a pleasure to serve under your chairmanship yet again, Mr Walker. I congratulate the hon. Member for Stirling (Stephen Kerr) on securing this important, and sometimes quite consensual, debate. The hon. Gentleman spoke fully and passionately, and with a great deal of knowledge and expertise, about how we can best provide businesses across the UK with ongoing patient long-term funding. When I learned accountancy, however, long-term funding was generally for between seven and 10 years, and even longer, rather than just over a year—that is a blast from the past; it is many years since I did accountancy.

I was interested to hear the hon. Gentleman talk about productivity and refer to Denmark, which is a small, independent nation leading the charge on productivity. Long may Scotland follow. He also talked briefly about the reasons for national productivity being linked to levels of investment and how, especially in Scotland, companies have been innovative but they start to slow down and fail because they cannot get the correct long-term investment. That is a real ongoing issue.

My hon. Friend the Member for Inverness, Nairn, Badenoch and Strathspey (Drew Hendry) talked about the Scottish national investment bank, which we hope to see become fully functional in the early 2020s. That will be a huge boost to small industries in Scotland.

The hon. Member for Stirling also talked about the lack of money that will now come from Europe, and he looked quite favourably on small German companies. For many years, this country has looked enviously at Germany and we need to take on board what it does to help businesses. He also called for tax incentives and talked about needing a full analysis of a national development bank to look at what it could do post Brexit.

The hon. Member for Strangford (Jim Shannon) gave us his usual full and frank views on where things are going in Northern Ireland. He talked about the cyber-security industry and how it is helping, and how the United Kingdom, of which he is a great proponent, should invest in itself post Brexit. He wants the Government to help with that. In fact, I think the Minister has a lot of explaining to do as to how he will move things forward.

The hon. Member for Ochil and South Perthshire (Luke Graham) said that devolution should not be a barrier to development, and I totally agree with that. On many occasions, colleagues of mine have stood in the main Chamber here and asked about city deals, whereas the Scottish Government have invested increasing amounts in various city deals without getting the same amount of money from the Treasury.

[Luke Graham]

I have been in negotiations about two city deals that impact on my constituency. Does the hon. Lady recognise that the obstacles do not just come from central Government for the devolved Administrations, but from the devolved Administrations for the central Government as well? So if there is to be a little bit of give, does she appreciate that it has to come from both sides of the argument?

[Marion Fellows]

I agree that in any negotiations there has to be give on both sides but the Scottish Government are giving more in a practical sense, and that is really what the people involved in the city deals on Tayside, in Stirling and in other areas of Scotland are really concerned about.

It is also very important that, when we talk about innovation and moving small businesses forward, we consider regional stock exchanges, which the hon. Gentleman mentioned. I was very interested that my hon. Friend the Member for Inverness, Nairn, Badenoch and Strathspey talked about the Scottish stock exchange in Glasgow closing in 1973. The square that it was in has been renamed Nelson Mandela Square, but I remember it being Stock Exchange Square for many years.

We will all be very interested to hear how the Minister responds to this debate, because none of us in this place disagrees that there is a need for long-term and patient funding for businesses to thrive and grow, to increase prosperity for all our citizens, and to increase the economy in Scotland and the rest of the UK.