Small Businesses (Finance)

Business, Innovation and Skills – in the House of Commons at 10:30 am on 8 July 2010.

Alert me about debates like this

Photo of Jeremy Lefroy Jeremy Lefroy Conservative, Stafford 10:30, 8 July 2010

What recent steps he has taken to increase access to finance for small businesses.

Photo of Jeremy Lefroy Jeremy Lefroy Conservative, Stafford

Many small businesses, including those in my constituency, face much higher facility fees, even when they can get access to finance. Does the Minister agree that banks should not use the current situation to hike up fees, and will he take this up with them?

Photo of Mark Prisk Mark Prisk The Minister of State, Department for Business, Innovation and Skills

Indeed, we already are. I want to stress and put clearly on the record the fact that we are not willing simply to allow the situation to continue. Small businesses are crucial to our economy. We want to ensure that banks understand that. My right hon. Friend the Secretary of State and I meet regularly with the banks. If we find that they are clearly pushing such charges up, we will make them come to see us in the Department and ensure that they understand that we are not happy and that we will act to ensure that they change their behaviour.