Small and Medium-sized Enterprises: Interest Rates Debate
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Lord Flight
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Small and Medium-sized Enterprises: Interest Rates
Lord Flight Excerpts(7 months, 3 weeks ago)
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The Earl of Minto (Con)
The interest rate is a Bank of England matter. The reason why it has gone up, as we all know, is to battle inflation, which is incredibly important. Having said that, in business, financial rigour and accountability are paramount in managing a business, particularly through a growth phase. We saw insolvencies fall to quite a low level during the pandemic because of the Government’s support, and the noble Lord is right that we are starting to see the number creep up again. The Government will do all we can in providing both advice and teams to help businesses in trouble but, when it comes down to it, it depends very much on the financial viability of the business going forward.
The Earl of Effingham (Con)
My Lords, I speak frequently with small and medium-sized businesses, and I refer to my interests in the register. Can my noble friend say what the Government are doing to publicise the availability of help for the SME community?