Asked by: Baroness Kennedy of Cradley (Labour - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government what is their latest assessment of car production in the UK and its contribution to the economy.
Answered by Lord Offord of Garvel
The Society of Motor Manufacturers & Traders data shows 905,117 cars were produced in the UK in 2023, a 16.8% increase on 2022. It is positive to see that in January to March 2024 the UK produced 222,371 cars, 1.1% more than the same period in 2023.
The automotive sector directly supports 152,000 jobs and contributes £19.4 billion in gross value added to our economy (from a turnover of £85 billion). The Government continues to support the automotive sector, including through the Automotive Council.
Asked by: Baroness Kennedy of Cradley (Labour - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government what steps they are they taking to recover loans which were lost to fraud during the COVID-19 pandemic.
Answered by Lord Johnson of Lainston
Lenders were required to take appropriate precautions against fraud, including Know Your Customer and Anti Money Laundering checks. If fraud has occurred because these checks have not been completed properly, lenders cannot claim on the Government guarantee and will have to bear the costs themselves. As at 16 January 2024, the Government guarantee has been removed from 11,720 loans offered across the three covid debt schemes to the value of £1.02 billion.
The Government is committed to bearing down on fraud in the schemes. We are working with a wide range of organisations, including lenders, law enforcement, and partners across government to recover fraudulently obtained loans.
The latest Government figures made available in the BEIS Annual Report and Accounts (2022/2023) indicate that estimated lifetime losses due to fraud and error will be £1.74bn.
Asked by: Baroness Kennedy of Cradley (Labour - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government what steps they are taking to help small businesses deal with late payments.
Answered by Lord Offord of Garvel
While the UK has a strong record of payment times, we are determined to see payment times fall to ensure that small businesses are given the best chance of succeeding. The Government set out policy actions in the Prompt Payment and Cash Flow which was published alongside the Autumn Statement in November 2023. These actions include extending Payment Performance Reporting Regulations with legislation being passed earlier this month, ensuring that large businesses are required to report their payment performance. The Review sets out other actions, including reforming the Prompt Payment Code and providing the Small Business Commissioner with broader powers.
Asked by: Baroness Kennedy of Cradley (Labour - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government what assessment they have made of the increased costs to British business resulting from the attacks to shipping in the Red Sea.
Answered by Lord Offord of Garvel
The Department of Business and Trade is in regular contact with key businesses and industries to understand the issues they may be facing as a result of the disturbance in the Red Sea. We have open channels of communication with key stakeholders to ensure the most effective mitigations are in place to support with any increased costs they are facing. Our Critical Imports and Supply Chains Strategy will help UK business build the secure and reliable supply chains vital to the UK’s economic prosperity, national security and essential services.
For exporters affected, UK businesses can access DBT’s wealth of export support via Great.gov.uk. This comprises a digital self-serve offer and our wider network of support, including trade advisors, export champions, the Export Academy, International Markets network, and UK Export Finance.