Small and Medium-sized Enterprises 2022-11-15
2022-11-15
TAGS
Response quality
Questions & Answers
Q1
Direct Answer
▸
Context
The MP inquires about steps being taken to reduce bureaucratic burdens on small and medium-sized enterprises.
What steps he is taking with Cabinet colleagues to reduce red tape for small and medium-sized enterprises?
The Government are rightly reducing the burden of regulation for tens of thousands of small and medium-sized enterprises. Just a month ago, the presumption of exemption when Departments make regulations was extended from businesses with fewer than 50 employees to those with fewer than 500, and we expect 40,000 SMEs to benefit from that.
▸
Assessment & feedback
Response accuracy
Q2
Partial Answer
▸
Context
A constituent in the Stroud district is seeking financing for renewable energy products like solar photovoltaic and batteries but encounters difficulties.
Will my hon. Friend ensure that the Government work with me to look into whether the Consumer Credit Act 1974 constitutes a barrier to banks providing finance for renewable energy solutions, and whether changes could be made to assist consumers and businesses without a cost to the taxpayer?
My hon. Friend regularly champions the cause of her constituents with Ministers. The Government are committed to reforming the Consumer Credit Act, recognising the need for modernisation of this regulation. I hope that such reform can support the vital investment needed to improve the sustainability of homes in her constituency and across the UK.
▸
Assessment & feedback
Did not commit to specific changes or investigation timeline
Response accuracy
Q3
Partial Answer
▸
Context
A concern about the regulation's impact on competitors in the financial services sector, particularly those serving vulnerable consumers.
Can the Minister confirm that he will take all possible steps to ensure that the Financial Services and Markets Bill delivers to its full potential, with regulators being held more accountable for their decisions?
I can give my hon. Friend that assurance. As he knows, the Government are committed to effective, efficient and proportionate regulation. He has advocated a number of amendments to that Bill, and I am giving them due consideration.
▸
Assessment & feedback
Did not commit fully to all possible steps or specific timeline for amendments
Response accuracy
Q4
Direct Answer
▸
Context
Concern about cash flow issues affecting small businesses due to late payments from government bodies.
May I ask the Government to ensure that all Departments and local government bodies follow the prompt payment policy robustly, encouraging businesses to adhere to the prompt payment code?
I know that my colleagues will join me in paying tribute to my hon. Friend for the time that he spends helping small businesses. As he says, the Government must lead by example on prompt payment. They are committed to paying 90% of valid invoices within five days and 100% within 30 days, which is absolutely right, and the Cabinet Office's Procurement Bill will ensure that that happens throughout the public sector.
▸
Assessment & feedback
Response accuracy
Q5
Partial Answer
▸
Context
Concern about the high rate of corporation tax potentially hampering competitiveness and growth for UK businesses.
Despite recent financial upheavals, does my hon. Friend agree that we must maintain our focus on growth by keeping a firm lid on corporation tax?
I can assure my hon. Friend that the Government are on the side of small businesses and fiscal responsibly, and the introduction of the small profits rate will help the businesses that he talks about.
▸
Assessment & feedback
Did not commit to a specific corporation tax reduction or policy
Response accuracy
Q6
Partial Answer
▸
Context
Concern about the large volume of retained EU law that small businesses may face upon its removal.
When the Government cut red tape, they will find 2,400 pieces of retained EU law. What are they going to do to help small businesses navigate all the legislation dropping on them at the end of next year?
I welcome the hon. Lady's conversion to the cause of easing the red tape that is buried within EU law. It is this Government's objective to use our new-found freedoms to create regulations that are appropriate for the businesses of this country and that will help us to grow and deliver the prosperity we need for public services.
▸
Assessment & feedback
Did not provide a specific plan or timeline for assistance
Response accuracy
Q7
Partial Answer
▸
Context
Farmers facing duplication of forms and pressures from rising energy costs.
What more meaningful support will the Minister give to farmers in my constituency and across the United Kingdom?
Representing a rural constituency myself, I am familiar with the challenges to our food producers that the hon. Member talks about. I will ensure that the Secretary of State for Environment, Food and Rural Affairs writes to him setting out what we are doing to ensure that we continue to have security of food supply in this country.
▸
Assessment & feedback
Did not provide specific support measures or timeline
Response accuracy
Q8
Partial Answer
▸
Context
Concern about the current business rate system being unfair to high street businesses.
Will the Chancellor follow Labour's lead by lifting the small business rate relief for 300,000 businesses?
The Government have committed to review business rates, but it would be wrong for me to pre-empt the outcome of that review here today.
▸
Assessment & feedback
Did not commit to lifting rate relief or following Labour's lead
Response accuracy
Q9
Direct Answer
▸
Context
Former Chancellor promised to respond regarding energy bill support but has not done so.
Following the mini-Budget, the former Chancellor promised to write about energy bill support. Will the Chancellor look into this and provide a response that I can share with my business, Equi's Ice Cream?
I will ensure that the case the hon. Lady raises is responded to.
▸
Assessment & feedback
Response accuracy