Silicon Valley Bank

Debate between Nia Griffith and Andrew Griffith

Monday 13th March 2023 Commons Chamber

[Andrew Griffith]

My hon. Friend is absolutely right. Our actions demonstrate that we are on the side of business. We mean it when we say that we want to make the UK the best place to start, grow and run a business, and, I will add, to list a business, because he is quite right that HSBC is an enormously successful global business that is headquartered in the UK and proudly listed on the UK stock exchange.

[Dame Nia Griffith (Llanelli) (Lab)]

In the light of recent events and the risk of contagion, can the Minister spell out exactly what action he is taking to ensure that we do not see a contraction in the availability of credit to these specialist, fast-growing companies? What more will he do to facilitate access to appropriate credit to help our groundbreaking tech industries to develop?

[Andrew Griffith]

It is a core focus for the Government to ensure that our scaling-up businesses get access not just to credit, but to capital at every level through their life: the Prime Minister has made that a core priority. That is why we are bringing forward many reforms that will open up capital markets to growing businesses, and it is why we will continue to look at reforming packets of trapped capital, whether that be in respect of insurers, through the reform of solvency II, or through looking again at pension arrangements to make sure that savers and potential future pensioners can benefit from the wonderful opportunities from emerging businesses in the tech and life sciences sector.