Asked by: Ben Bradley (Conservative - Mansfield)
Question to the Department for International Trade:
To ask the Secretary of State for International Trade, what steps his Department is taking to increase the level of foreign direct investment into the East Midlands.
Answered by Graham Stuart
In 2016 the Department for International Trade (DIT) established a dedicated taskforce to deliver bespoke activity to attract foreign direct investment into the Midlands Engine, including the East Midlands. This activity includes: full profiling of the key sectors and showcasing these at events overseas; working with DIT’s overseas network and local partners across the region to deliver tailored support to promote individual areas as a destination for investment; international promotion of a portfolio of Midlands capital investment opportunities, including 10 projects from the East Midlands; and provision of funding for local partners to collaborate and amplify investment messaging, such as attendance at the MIPIM property show in Cannes.
There were 72 investment projects that landed in the East Midlands in tax year 2017-2018. There were 3714 associated new jobs. This is the highest number of new jobs from foreign direct investment in the East Midlands for 3 years.
Asked by: Lord Field of Birkenhead (Crossbench - Life peer)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps the Government is taking to ensure the adequacy of levels of capital available to start-up manufacturing companies.
Answered by Kelly Tolhurst
Though our industrial Strategy we are committed to making the UK the best place in Europe to start and grow a manufacturing business. That includes using our record investments in infrastructure to unlock growth in every part of the country; using the major new investment in research to support innovative manufacturing businesses across the country; and encouraging inward investment.
We are ranked in the top 10 in the world for ease of doing business by the World Bank and amongst the very best in Europe, and we are the number one destination for foreign direct investment in Europe.
We will improve access to finance across the country and back institutions which can catalyse growth and private sector equity investment:
Asked by: Jim Cunningham (Labour - Coventry South)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, what estimate he has made of the amount of funding allocated from the public purse to businesses in Coventry to encourage (a) economic growth and (b) employment.
Answered by Lord Harrington of Watford
Government is actively encouraging economic growth and employment in Coventry via a number of policy initiatives and funding.
As part of Coventry & Warwickshire Local Enterprise Partnership’s (CWLEP) Growth Deal, government is investing £131.84 million in the locality.
The LEP simplifies and coordinates access to business advice and support through CWLEP Growth Hub. In 2017/18, the government provided £328,000 to CWLEP to enable the Growth Hub to support local business growth and has committed to provide similar amounts in 2018/19 and 2019/20.
More widely, Innovate UK in 2016/17 invested £30.4 million to stimulate innovation and growth in the West Midlands. And the Midlands Engine Investment Fund will facilitate investment of over £250 million across the Midlands to help SMEs to achieve their growth ambitions, revitalise local economies, and create jobs.
Asked by: Jim Cunningham (Labour - Coventry South)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps his Department is taking to support local businesses in (a) Coventry and (b) the West Midlands.
Answered by Andrew Griffiths
Small and medium-sized businesses across England can access support through GOV.UK and the Business Support Helpline. Over the last three years, Government has also supported and invested in the creation of 38 Growth Hubs (one in each Local Enterprise
Partnership area), providing businesses across England with tailored advice and support. To date, Growth Hubs have engaged and supported over 570,000 businesses, delivered 68,000 diagnostic interventions and helped 11,391 individuals to start a business.
Since launch, the six Growth Hubs in the West Midlands have supported over 37,500 businesses; delivered over 2,200 intensive diagnostics; and helped over 1,850 individuals to start a business. Of these, the Coventry and Warwickshire Growth Hub has supported over 2,530 businesses; delivered 380 intensive diagnostics and helped 415 individuals to start a business.
In addition, the recently launched £250 million Midlands Engine Investment Fund (MEIF), provides finance to help smaller business across the Midlands to start up and grow, helping realise the region’s potential to achieve economic growth through enterprise. As at March 2018, it had made 6 investments into 6 SMEs in the West Midlands with £203k invested.
Aligned to this, the Midlands Engine Strategy sets out our actions to date and the next steps to deliver our vision for the Midlands by tackling local productivity barriers. This includes; £392m for Midland's projects to accelerate local growth, bringing the total Growth Deal Funding for the Midlands to nearly £1.9 billion, a flagship £20 million Midlands Skills Challenge to improve skills across the Midlands, £4 million to support the Midlands Engine Partnership to deepen their excellent work.
Furthermore, programmes operated by the government-backed British Business Bank (BBB) are supporting £4 billion of finance to over 65,000 smaller businesses (as at end Sept 2017). Since the launch of the British Business Bank in November 2014, its programmes have facilitated over £607m to businesses in the West Midlands. Of this figure, over £75m has supported businesses in Coventry*. Additionally, since 2012, the Start-up Loans programme has made over 4,500 loans totalling over £31m in the West Midlands, this includes 244 loans totalling over £1.5m in Coventry**.
Through our Industrial Strategy, we will continue to back small and medium-sized business to grow and create jobs by providing an environment in which they can thrive.
*BBB figures minus SUL are as at end of December 2017
** SUL figures at end of December 2017
Asked by: Jeremy Lefroy (Conservative - Stafford)
Question to the Department for Levelling Up, Housing & Communities:
To ask the Secretary of State for Housing, Communities and Local Government, what the timetable is for the launch of the Midlands Engine Investment Fund.
Answered by Jake Berry
The Midlands Engine Investment Fund is fully launched and the full range of investment types is available to beneficiary businesses across the Midlands. The debt sub funds launched on 29/08/2017 and the equity sub funds launched on 22/02/18. Full details of the fund and how to access finance is contained on the website: http://meif.co.uk/
Asked by: Lucy Allan (Conservative - Telford)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps his Department has taken to increase the level of access to credit for businesses in the Telford constituency in the last 12 months.
Answered by Andrew Griffiths
We are working hard to support businesses and entrepreneurs across the UK, to ensure they can access finance and support to grow and that the right conditions are in place for companies to invest for the long-term.
For the 12 month period up to end of September 2017, the Start Up Loans programme provided 30 loans to businesses in Telford & Wrekin totalling over £325,000, of which 20 loans were to businesses in the Telford constituency totalling over £169,000In addition, the Government has funded the provision of tailored advice and support for start-ups and SMEs in each Local Enterprise Partnership area and in Telford this is through The Marches Growth Hub.
Telford constituency is also part of the Midlands Engine. A key part of the Government’s strategy for fuelling growth in the region is the £250m Midlands Engine Investment Fund (MEIF), which was launched on 22 February and is a result of close collaboration between the British Business Bank, the Department for Business, Energy and Industrial Strategy, the Ministry for Housing, Communities and Local Government and 10 Midlands Local Enterprise Partnerships (LEPs). It aims to transform the finance landscape for smaller businesses in the Midlands, accelerate economic growth and promote job creation.
Finally, my Rt. Hon Friend the Chancellor announced in the Autumn Budget that we are extending the British Business Bank’s Enterprise Finance Guarantee to March 2022 and expanding the programme to support up to £500 million of loans per annum.
Asked by: Lucy Allan (Conservative - Telford)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, what the (a) number and (b) financial value of start-up loans was for small businesses in (i) Telford and Wrekin and (ii) the Telford constituency in the last 12 months.
Answered by Andrew Griffiths
We are working hard to support businesses and entrepreneurs across the UK, to ensure they can access finance and support to grow and that the right conditions are in place for companies to invest for the long-term.
For the 12 month period up to end of September 2017, the Start Up Loans programme provided 30 loans to businesses in Telford & Wrekin totalling over £325,000, of which 20 loans were to businesses in the Telford constituency totalling over £169,000In addition, the Government has funded the provision of tailored advice and support for start-ups and SMEs in each Local Enterprise Partnership area and in Telford this is through The Marches Growth Hub.
Telford constituency is also part of the Midlands Engine. A key part of the Government’s strategy for fuelling growth in the region is the £250m Midlands Engine Investment Fund (MEIF), which was launched on 22 February and is a result of close collaboration between the British Business Bank, the Department for Business, Energy and Industrial Strategy, the Ministry for Housing, Communities and Local Government and 10 Midlands Local Enterprise Partnerships (LEPs). It aims to transform the finance landscape for smaller businesses in the Midlands, accelerate economic growth and promote job creation.
Finally, my Rt. Hon Friend the Chancellor announced in the Autumn Budget that we are extending the British Business Bank’s Enterprise Finance Guarantee to March 2022 and expanding the programme to support up to £500 million of loans per annum.
Asked by: Jim Cunningham (Labour - Coventry South)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps his Department is taking to increase the number of business start-ups in (a) the Midlands and (b) Coventry.
Answered by Andrew Griffiths
Our Industrial Strategy aims to make Britain the best place to start and grow a business, and a global draw for the most innovative companies.
The British Business Bank (BBB) programmes are supporting £4 billion of finance to over 65,000 smaller businesses (as at end Sept 2017), whilst the Start Up Loans programme had lent £392.1m to more than 53,000 entrepreneurs (at end of January 2018). We will also offer support for SMEs in future sectors to tackle barriers growth. This will include a further £900m in the Industrial Strategy Challenge Fund for start-ups that are developing new propositions that respond to key global challenges
The Government also provides support to start-up businesses across England through GOV.UK and the Business Support Helpline. In addition we have funded the provision of tailored advice and support through the Coventry and Warwickshire Growth Hub and across the Midlands via the establishment of a Growth Hubs in each Local Enterprise Partnership area.
The Coventry and Warwickshire Growth Hub provides support to businesses in Coventry and includes a number of bespoke business support schemes for start-ups. The Government supported British Business Bank also has start-up loans available for small businesses in Coventry and the Midlands, including through the Midlands Engine Investment Fund.
Asked by: Lucy Allan (Conservative - Telford)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, what support his Department is providing to SMEs in the West Midlands before the UK leaves the EU.
Answered by Andrew Griffiths
Our Industrial Strategy aims to make Britain the best place to start and grow a business, and a global draw for the most innovative companies. We are already doing a lot for small and medium sized (SMEs) enterprises in the West Midlands.
Growth Hubs help simplify the business support landscape, providing joined up access to the full range of local and national support programmes (public and private). Since their launch, the six Growth Hubs in the West Midlands have engaged and supported over 37,500 businesses; delivered over 2,200 intensive assists; and helped over 1,850 individuals to start a business.
Businesses in the West Midlands can also access national support through GOV.UK and the Business Support Helpline.
British Business Bank programmes are currently facilitating over £629m to 3,493 businesses in the West Midlands. In addition the Start Up loans programme has issued 4,421 loans to value of over £30m.
The West Midlands also forms part of the Midlands Engine. A key part of the Government’s strategy for fuelling growth in the region is the £250m Midlands Engine Investment Fund, which aims to transform the finance landscape for smaller businesses in the Midlands, accelerate economic growth and promote job creation. The Fund launched its first wave, £120m of Debt and Small Business funds, in August 2017.
Alongside this, the Government is working with the European Union to agree a deal on an implementation period and future partnership following the UK’s exit in order to ensure a smooth and orderly transition for businesses. Any additional support provided to small businesses will also be informed by the outcome of these ongoing negotiations.
Asked by: Lucy Allan (Conservative - Telford)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, how many small and medium-sized enterprises in Telford constituency have received support under each business support scheme operated by his Department since 2010.
Answered by Andrew Griffiths
Our Industrial Strategy aims to make Britain the best place to start and grow a business, and a global draw for the most innovative companies. We are already doing a lot for small and medium sized (SMEs) enterprises in Telford.
Over 14,000 businesses have been supported and 239 people have had help to start a new business by The Marches Growth Hub which provides support to local SMEs in the area. Growth Hubs help simplify the business support landscape providing joined up access to the full range of local and national support programmes (public and private).
Since November 2014, British Business Bank programmes have facilitated over £70m to 131 businesses in the constituency of Telford.* This includes 63 Start Up loans at a value of over £420k. Telford constituency is also part of the Midlands Engine. A key part of the Government’s strategy for fuelling growth in the region is the £250m Midlands Engine Investment Fund, which aims to transform the finance landscape for smaller businesses in the Midlands, accelerate economic growth and promote job creation. The Fund launched its first wave, £120m of Debt and Small Business funds, in August 2017.**
Since 2010-11, Innovate UK has also provided over £345,000 of funding to 8 businesses in the Telford constituency so that they can take forward their ideas and make them commercially viable.
*British Business Bank received State Aid clearance in November 2014, figures show flow of finance facilitated from November 2014 date to the end of September 2017 only
** constituency level data on MEIF is not available