Oral Answers to Questions

Debate between Vince Cable and Andrea Leadsom

Tuesday 22nd October 2019 Commons Chamber

[Andrea Leadsom]

I pay tribute to my right hon. Friend for her superb work as Minister of State for Skills over the past few years. Under her watch, the importance of technical education has been raised substantially. She will be aware that sectors in all parts of the economy are now creating apprenticeship programmes, from cyber-security to offshore wind, and more than 61% of starts are now on high-quality industry design standards.

[Sir Vince Cable (Twickenham) (LD)]

How does the Secretary of State explain the fact that the Government’s own skill index, which measures the value added from apprenticeships and vocational training, is now 25% below 2012 levels?

[Andrea Leadsom]

The right hon. Gentleman will be aware that in the 2018-19 academic year, despite an overall fall, nearly 60,000 people started higher-level apprenticeships, up nearly 43% on the year before the levy was introduced. It is important that the Government continue to talk to business about how to make use of this, but we are very pleased with progress.

Budget Resolutions and Economic Situation

Debate between Vince Cable and Andrea Leadsom

Thursday 21st March 2013 Commons Chamber

[Vince Cable]

My hon. Friend is right. There are a series of bottlenecks in raising risk capital. At the top end, the problem is accessing equity markets, and at the bottom end the problem is in raising angel finance, which is something else that we are trying to support. As it happens, the business bank will have a role not just in lending, but in developing equity markets for small-scale companies.

[Andrea Leadsom]

I was delighted that recently the Financial Secretary announced a consultation on a new independent payments regulator. Does my right hon. Friend agree that if we are to solve the problem of the lack of bank lending to SMEs, we need a raft of new challenger banks? The best way to achieve that would be full account number portability, which would encourage new entrants into the market.

[Vince Cable]

My hon. Friend is right, and the details of the Treasury’s proposals on that point are emerging quickly. For the first time in a lifetime, we are now getting serious challenger banks in the UK, such as Aldermore, Metro, Shawbrook and others, which are an important addition. I hope that the Co-op, the Nationwide and other mutuals that are trying to get into this market will also contribute.