Businesses: Growth

House of Lords written question – answered on 25th March 2010.

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Photo of Lord Dykes Lord Dykes Spokesperson for Foreign and Commonwealth Affairs, Spokesperson for Environment, Food and Rural Affairs

To ask Her Majesty's Government what discussions they plan to hold with the City of London Corporation's Economic Development Office following its recent report on the financial needs of United Kingdom small and medium-sized enterprises.

Photo of Lord Davies of Abersoch Lord Davies of Abersoch Minister of State, Foreign and Commonwealth Office, Minister of State, Department for Business, Innovation and Skills, Minister of State (Department for Business, Innovation and Skills) (Trade, Investment and Small Business) (also in the Foreign and Commonwealth Office), Minister of State (Foreign and Commonwealth Office) (UK Trade and Investment) (also in the Department for Business, Innovation and Skills)

The City of London's report provides a good summary of the financing landscape affecting small and medium-sized enterprises (SMEs), including the funding escalator required for different stages of business growth. Government acknowledge the conclusions in the report and will continue to work with a wide range of stakeholders and partners, including the City of London, to support the financial needs of UK SMEs and to help address the issues that the report identifies.

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