I thank my excellent colleague for his question. He is absolutely right that the inquiry received evidence on what I would describe as financial apathy. Small businesses sometimes choose not to borrow, choose not to grow, In fact, only 5% of small businesses that seek lending would even consider shopping around to find another provider if they were rejected by their main bank.

There is work to do to encourage and guide SMEs, and the British Business Bank has a very important role. It is not well enough known, which is probably holding back the growth of many excellent small businesses. I am so proud that our Committee has been able to champion this.