Oral Answers to Questions

Debate between Ruth Edwards and Kemi Badenoch

Wednesday 30th March 2022 Commons Chamber

[Kemi Badenoch]

The hon. Lady makes an important point. I have not had any specific discussions with British Cycling, but I am glad she has raised this issue with me. I will pick up the matter with my colleagues in the Department for Digital, Culture, Media and Sport who look at sports guidance and see what we can do to provide clarity on the subject.

[Ruth Edwards (Rushcliffe) (Con)]

8. What steps the Government are taking to reduce the barriers faced by female and minority entrepreneurs in seeking investment for businesses.

[The Minister for Equalities (Kemi Badenoch)]

The Government’s flagship start-up loans programme, delivered through the British Business Bank, has been instrumental in reducing access-to-finance barriers faced by all entrepreneurs, including those faced by female and minority entrepreneurs. Since the launch of the programme, around 40% of the loans issued, valued at approximately £320 million, went to female entrepreneurs. Black, Asian and ethnic minority businesses have received around 20% of the loans issued, valued at £160 million.

[Ruth Edwards]

A record 140,000 women started their own business in the last year, but research shows that only 1% of venture capital funding goes to businesses led by women. Will my hon. Friend agree to meet me and the #overbeingunderfunded campaign, run by my constituents Sarah King and Claire Dunn, to discuss how we can better use Government schemes such as the seed enterprise investment scheme to address this inequality?

[Kemi Badenoch]

The seed enterprise investment scheme is one of three tax-advantaged venture capital schemes that provide tax incentives to individuals who invest in companies at various stages of growth. I am grateful to my hon. Friend for giving me the opportunity to talk about the world-leading generosity of this scheme. I will find out whether a Minister in the Department for Business, Energy and Industrial Strategy or the Treasury is available to meet her and her constituents on this specific issue.

Oral Answers to Questions

Debate between Ruth Edwards and Kemi Badenoch

Wednesday 22nd September 2021 Commons Chamber

[Ruth Edwards (Rushcliffe) (Con)]

T1. If she will make a statement on her departmental responsibilities.

[The Minister for Equalities (Kemi Badenoch)]

I am delighted to announce the appointment of LGBT business champion Iain Anderson, who will work with the Government, building the evidence base on how to ensure that LGBT people can be themselves in the workplace. Among his first priorities will be kick-starting a business-led mentor network, including small and medium-sized enterprises, supporting the global LGBT conference and engaging businesses to highlight the economic case for LGBT inclusion.

[Ruth Edwards]

Does my hon. Friend agree that the best way to tackle geographic inequality is by making sure that people can get great jobs and have fulfilling careers wherever they live? Will she join me in backing the east midlands freeport business case, which would create 60,000 jobs across the region?

[Kemi Badenoch]

I do agree with my hon. Friend, and I point out that the Government are doing just that with our plan for jobs, which included £895 million to recruit an additional 13,500 work coaches by March 2021—which we achieved. She raises an important point and we are, of course, glad to support her region and all regions across the country.