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Small and Medium-sized Enterprises: Great Yarmouth
07 June 2023
Lead MP
Brandon Lewis
Debate Type
General Debate
Tags
EconomyTaxationEmploymentEnergyBusiness & Trade
Other Contributors: 3
At a Glance
Brandon Lewis raised concerns about small and medium-sized enterprises: great yarmouth in the House of Commons. Other MPs contributed to the debate.
How the Debate Unfolded
MPs spoke in turn to share their views and ask questions. Here's what each person said:
Lead Contributor
Opened the debate
Mr. Lewis emphasised the crucial role SMEs play in local communities and the national economy, highlighting their impact on employment, community engagement, and economic growth. He noted that over half of the UK's workforce is employed by SMEs and that these businesses drive innovation and contribute to social mobility. Mr. Lewis also discussed challenges faced by SMEs such as VAT rates, business rates, and energy costs, advocating for more support from the government in areas like regulation and tax.
Mr. Millar agreed with Mr. Lewis about the importance of pubs and hospitality businesses being an early indicator of economic issues, noting that they are often the first to detect problems within communities due to their close ties with residents.
Nigel Evans
Con
Fylde
Before calling the Minister, I must say that it is rare and impressive to hear a content-packed speech delivered without notes, so congratulations.
Kevin Hollinrake
Con
Thirsk and Malton
SMEs are crucial for the economy, as they create jobs and leave a legacy. The UK is focusing on making it easier to do business every day by improving access to finance, providing support and advice, and removing barriers and red tape. Specific initiatives include the British Business Bank programme supporting over 96,000 SMEs with £12.2 billion in finance, the start-up loan scheme delivering around £1 billion of finance to 100,000 companies, and extensive business support including a network of growth hubs across the UK. The Government is also freezing fuel duty, maintaining the national insurance cut, reversing the national insurance rise, and introducing measures like open banking to improve access to finance for SMEs.
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