Business, Energy and Industrial Strategy – in the House of Commons at 12:00 am on 31 January 2017.
Chris Davies
Conservative, Brecon and Radnorshire
12:00,
31 January 2017
What recent discussions he has had with the Chancellor of the exchequer on improving access to finance for businesses.
Margot James
Parliamentary Under-Secretary (Department for Business, Energy and Industrial Strategy)
My right hon. Friend the Secretary of State has had discussions with the Chancellor on building the Government’s industrial strategy, which includes ensuring that businesses can access the finance they need. We already help businesses through the business finance and support finder on gov.uk, and we recently launched the finance platforms service, which offers small and medium-sized enterprises that have had finance rejected by the large banks the option of a referral to alternative finance providers.
Chris Davies
Conservative, Brecon and Radnorshire
With many new online alternative finance companies springing up across the UK, what is my hon. Friend doing, first, to ensure that our small and medium-sized enterprises know about these alternative ways of accessing finance, and, secondly, to give them the confidence to borrow from such organisations?
Margot James
Parliamentary Under-Secretary (Department for Business, Energy and Industrial Strategy)
The British Business Bank has created the business finance guide, which is widely distributed and offers comprehensive information about the financing options available to businesses, including alternative sources of finance. The Financial Conduct Authority regulates peer-to-peer lending platforms and is currently reviewing its regulatory regime to ensure that it is robust and up to date.
David Hanson
Labour, Delyn
What assessment has the Minister made of the impact of bank closures in town centres on the availability of business finance, to ensure that those such as my local one in Holywell, which is potentially losing three banks this year, will still have access to business finance and will still be positive town centres?
Margot James
Parliamentary Under-Secretary (Department for Business, Energy and Industrial Strategy)
The impact of bank closures is, to some extent, ameliorated by the Post Office’s announcement a few weeks ago that it will be enabling both personal and SME banking customers to have a massive increase in face-to-face banking services across the country.
John Bercow
Chair, Speaker's Committee on the Electoral Commission, Speaker of the House of Commons, Chair, Speaker's Committee for the Independent Parliamentary Standards Authority, Speaker of the House of Commons, Chair, Commons Reference Group on Representation and Inclusion Committee, Chair, Speaker's Committee for the Independent Parliamentary Standards Authority, Chair, Speaker's Committee for the Independent Parliamentary Standards Authority, Chair, Speaker's Committee for the Independent Parliamentary Standards Authority, Chair, Speaker's Committee on the Electoral Commission, Chair, Commons Reference Group on Representation and Inclusion Committee
I call Mike Freer. He is not here. We will take the last question on the condition that we have a reasonably short, single sentence supplementary, as I want to move on to the main business promptly today. If it is a long question, we will not bother.
Dame Cheryl Gillan
Conservative, Chesham and Amersham
I will do my best.
The chancellor of the exchequer is the government's chief financial minister and as such is responsible for raising government revenue through taxation or borrowing and for controlling overall government spending.
The chancellor's plans for the economy are delivered to the House of Commons every year in the Budget speech.
The chancellor is the most senior figure at the Treasury, even though the prime minister holds an additional title of 'First Lord of the Treasury'. He normally resides at Number 11 Downing Street.
Secretary of State was originally the title given to the two officials who conducted the Royal Correspondence under Elizabeth I. Now it is the title held by some of the more important Government Ministers, for example the Secretary of State for Foreign Affairs.
The Chancellor - also known as "Chancellor of the Exchequer" is responsible as a Minister for the treasury, and for the country's economy. For Example, the Chancellor set taxes and tax rates. The Chancellor is the only MP allowed to drink Alcohol in the House of Commons; s/he is permitted an alcoholic drink while delivering the budget.
Ministers make up the Government and almost all are members of the House of Lords or the House of Commons. There are three main types of Minister. Departmental Ministers are in charge of Government Departments. The Government is divided into different Departments which have responsibilities for different areas. For example the Treasury is in charge of Government spending. Departmental Ministers in the Cabinet are generally called 'Secretary of State' but some have special titles such as Chancellor of the Exchequer. Ministers of State and Junior Ministers assist the ministers in charge of the department. They normally have responsibility for a particular area within the department and are sometimes given a title that reflects this - for example Minister of Transport.
