Support for SMEs 2023-03-23
2023-03-23
TAGS
Response quality
Questions & Answers
Q1
Direct Answer
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Context
The question arises from the need to support the growth of SMEs in various sectors, including finance and business.
What steps her Department is taking to help support the growth of small and medium-sized enterprises.
Through finance, we are making sure that the Government are supporting UK SMEs through our recovery loan scheme and through the start-up loans scheme, which has provided 101,000 loans and nearly £1 billion. On business support, a network of 38 growth hubs across England provides access to information and advice, and we are removing barriers by supporting SMEs seeking to export through the Export Academy, UK Export Finance, cutting red tape and incentivising investment.
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Assessment & feedback
Response accuracy
Q2
Direct Answer
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Context
Businesses and traders in Stoke-on-Trent city centre are supported by the Hanley business improvement district, which is receiving investment from the safer streets fund to improve Hope Street.
Does my hon. Friend agree that such initiatives, which make our shopping areas more attractive, are a good investment that encourages business growth locally? Will he join me in congratulating my city centre BID?
It is a great pleasure to do so. I congratulate my hon. Friend on her work. The money that has been invested in Hope Street will contribute to its being a safer, more welcoming place to visit and shop, which in turn will support the local economy.
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Assessment & feedback
Response accuracy
Q3
Partial Answer
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Context
Businesses in high streets face significant challenges due to competition from online shopping, impacting local and small businesses the most.
What discussions has the Minister had with the Chancellor about the urgent need for a long-term, local-scale economic plan to support high streets?
The hon. Lady is right to raise this issue. We have put in place £13.6 billion of business rates support to help businesses over the next few years, but we are also improving access to finance, improving business support through our growth hubs and cutting red tape, making it easier for businesses to start up and scale up in the UK.
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Assessment & feedback
Discussions with the Chancellor about a long-term economic plan
The Hon. Lady Is Right To Raise This Issue
Response accuracy