Oral Answers to Questions

Debate between Seema Malhotra and Jenny Willott

Thursday 23rd January 2014 Commons Chamber

[Seema Malhotra (Feltham and Heston) (Lab/Co-op)]

6. What steps he is taking to support women in business.

[The Parliamentary Under-Secretary of State for Business, Innovation and Skills (Jenny Willott)]

This Government want to see as many women as possible going into and progressing in business. We commissioned the Women’s Business Council to look at what barriers prevent women from reaching their potential and how to maximise their contribution to economic growth. We work closely with Lord Davies to increase the number of women on boards. Women now account for 20.4% of board members in FTSE 100 companies, up from 12.5% in February 2011.

[Seema Malhotra]

Last week I met a woman called Adele who has set up a child care business. A few years ago her bank refused to lend to her because, in her view, it just did not understand her business plan. Such was her belief in her business that she remortgaged her home and her business has now expanded to look after 300 children. Given the lower levels of finance being offered to British female entrepreneurs compared with their European counterparts, does the Minister support Labour’s proposal for regional banks, which could be better placed to understand and support local small and medium-sized enterprises?

[Jenny Willott]

The Government are doing quite a lot to ensure that women entrepreneurs have access to finance, and it sounds as though the hon. Lady’s constituent is a very good example of that. The Government Equalities Office offers child care grants to men and women, but primarily to women, who want to set up businesses in that particular area. The Government also support the Aspire fund, which aims to get equity into businesses run by women. The Start-Up Loans Company has offered 12,500 start-up loans and well over a third of them have gone to women to help them set up businesses that I hope will be as successful as that run by the hon. Lady’s constituent.