Oral Answers to Questions

Stephen Metcalfe Excerpts

Thursday 26th June 2014 Commons Chamber

[Michael Fallon]

Yes, I do agree. That project is a key part of Gloucestershire’s economic plan, and it can provide the skills that we will need for the next generation of nuclear power stations at Hinkley and Oldbury. We are currently considering Gloucestershire’s request for local growth funding to support the project. I hope to announce the allocation for Gloucestershire as part of the growth deal before the summer recess.

[Stephen Metcalfe (South Basildon and East Thurrock) (Con)]

16. What recent support his Department has provided to small businesses.

[The Minister for Skills and Enterprise (Matthew Hancock)]

The Small Business, Enterprise and Employment Bill builds on a record of 42,000 businesses helped to export by UK Trade & Investment over the past year and 15,000 small businesses supported by the growth accelerator scheme. As the Secretary of State said earlier, the number of start-up loans approved has reached 18,000.

[Stephen Metcalfe]

As my hon. Friend will be aware, large businesses still owe small businesses over £30 billion in overdue invoices. Only yesterday, a company in Basildon contacted me to say that one of Essex county council’s main contractors owes it well over £100,000 past the due date. Will he expand on how we will use the small business Bill to resolve this issue and pump billions back into the economy?

[Matthew Hancock]

The Bill contains two elements on prompt payment, the first of which is to increase the amount that Government pay quickly. BIS pays almost all its invoices within 30 days and the vast majority within five days. We will also bring transparency so that when small businesses enter into contracts with large businesses they know their payment performance and can negotiate on that as part of the contract.