Small Business Council 2024-03-07
2024-03-07
TAGS
Response quality
Questions & Answers
Q1
Partial Answer
▸
Context
The question seeks details on the steps being taken by the Department to support SMEs through the Small Business Council.
What steps her Department is taking to support small and medium-sized enterprises through the Small Business Council?
On 1 February, the Government reaffirmed our commitment to all the UK's 5.5 million small businesses with the creation of the new Small Business Council, which is looking at key areas, such as improving business support, access to finance, support and advice, and breaking down barriers, including barriers to female entrepreneurship.
▸
Assessment & feedback
Specific steps taken by the Department were not detailed; only a general statement was provided
General Commitment
Response accuracy
Q2
Partial Answer
▸
Context
The question arises from the growing number of female-led businesses and seeks specifics on how the new council can aid their growth.
Can the Minister set out how the new Small Business Council can help them to grow?
The Small Business Council has excellent entrepreneurs on it, such as Emma Heal from Lucky Saint and Julianne Ponan from Creative Nature, who we rely on for expert advice. The investing in women taskforce helped increase the number of female entrepreneur businesses from 56,000 in 2018 to 150,000 in 2022, with 240 signatories to the code.
▸
Assessment & feedback
Specific mechanisms to aid growth were not detailed; only past achievements and taskforce details were provided
Past Achievements
Response accuracy
Q3
Direct Answer
▸
Context
The question explores the potential of the hydrogen sector for small businesses and asks if the Small Business Council is considering this opportunity.
Will the Minister ask the Small Business Council to wake up to the opportunities in the hydrogen sector, not only in terms of engineering but also infrastructure?
We already have woken up to that opportunity. We support hydrogen initiatives such as the Humber hydrogen cluster and encourage support from Members of Parliament.
▸
Assessment & feedback
Response accuracy
Q4
Partial Answer
▸
Context
The question highlights an alarming trend where more small businesses are closing compared to new openings, citing a 78 point drop in the UK small business index last December.
What specifically will the Small Business Council do and what will Ministers do to halt this alarming trend?
We have spoken at events together many times, and she hears the positive mood in those audiences. Access to finance has been key with £1 billion of Start Up loans made to 100,000 businesses. The Budget announced a rise in the VAT threshold and introduced the growth guarantee scheme.
▸
Assessment & feedback
Specific measures addressing the trend were not provided; general positivity was emphasized instead
General Optimism
Response accuracy