Oral Answers to Questions
Debate between Perran Moon and Gareth Thomas(4 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Gareth Thomas
We heard during our SME consultation that one of the biggest issues facing small and medium-sized businesses that want to scale up relates to access to finance. Indeed, since 2011, the stock of bank lending to SMEs relative to GDP has fallen by around 50%, which graphically demonstrates the significance of my hon. Friend’s point. We have been working closely with Treasury colleagues in particular, and when we launched the industrial strategy, we also launched a funding arrangement for the British Business Bank that will provide £4 billion of capital to our high-growth innovative businesses to ensure that they remain anchored in the UK and are able to scale up here.
Perran Moon (Camborne and Redruth) (Lab)