Asked by: Mark Francois (Conservative - Rayleigh and Wickford)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, if he will make an assessment of the potential impact of environmental, social, and governance criteria on the financing of (a) small and medium-sized enterprises and (b) other defence companies.
Answered by Gareth Thomas - Parliamentary Under Secretary of State (Department for Business and Trade)
The Secretary of State for Business and Trade met representatives of the defence and financial services industries on 12 December 2024, to discuss how environmental, social and governance (ESG) principles are being applied to companies in defence and the impact they are having on investment and access to financial services. The discussion highlighted that there are multiple stakeholders and issues within the sectors and within government. The Department is now following up on that discussion across government and wider to find the best way to address them, to ensure that ESG policies do not have unintended consequences for the health of the defence sector.
Asked by: Mark Francois (Conservative - Rayleigh and Wickford)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, if he will take steps to (a) encourage (i) banks and (ii) investors to provide financial (A) services and (B) investment to defence firms and (b) monitor the effectiveness of such steps.
Answered by Gareth Thomas - Parliamentary Under Secretary of State (Department for Business and Trade)
The Secretary of State for Business and Trade met representatives of the defence and financial services industries on 12 December 2024, to discuss how environmental, social and governance (ESG) principles are being applied to companies in defence and the impact they are having on investment and access to financial services. The discussion highlighted that there are multiple stakeholders and issues within the sectors and within government. The Department is now following up on that discussion across government and wider to find the best way to address them, to ensure that ESG policies do not have unintended consequences for the health of the defence sector.
Asked by: Mark Francois (Conservative - Rayleigh and Wickford)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, if he will introduce financial (a) incentives and (b) guarantees to encourage (i) banks and (ii) investment firms to support the defence sector; and what assessment he has made of the potential impact of restricted access to capital on the UK’s defence (A) industrial base and (B) procurement strategy.
Answered by Gareth Thomas - Parliamentary Under Secretary of State (Department for Business and Trade)
The Secretary of State for Business and Trade met representatives of the defence and financial services industries on 12 December 2024, to discuss how environmental, social and governance (ESG) principles are being applied to companies in defence and the impact they are having on investment and access to financial services. The discussion highlighted that there are multiple stakeholders and issues within the sectors and within government. The Department is now following up on that discussion across government and wider to find the best way to address them, to ensure that ESG policies do not have unintended consequences for the health of the defence sector.
Asked by: Mark Francois (Conservative - Rayleigh and Wickford)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, whether he has had discussions financial institutions on the potential impact of environmental, social and governance policies on the provision of banking services to defence (a) manufacturers and (b) suppliers; and what steps he is taking to ensure that legally operating defence firms have full access to financial services.
Answered by Gareth Thomas - Parliamentary Under Secretary of State (Department for Business and Trade)
The Secretary of State for Business and Trade met representatives of the defence and financial services industries on 12 December 2024, to discuss how environmental, social and governance (ESG) principles are being applied to companies in defence and the impact they are having on investment and access to financial services. The discussion highlighted that there are multiple stakeholders and issues within the sectors and within government. The Department is now following up on that discussion across government and wider to find the best way to address them, to ensure that ESG policies do not have unintended consequences for the health of the defence sector.