Oral Answers to Questions

Debate between Lord Mann and Vince Cable

Thursday 6th March 2014 Commons Chamber

[John Mann (Bassetlaw) (Lab)]

10. On what date he plans to visit Bassetlaw to inspect and meet local businesses.

[The Secretary of State for Business, Innovation and Skills (Vince Cable)]

I have provisionally booked a ministerial visit to Bassetlaw and to neighbouring areas in Nottinghamshire for early June.

[John Mann]

I will parlay with the devil to get jobs and investment into my constituency, and I can guarantee the Secretary of State my personal protection from my constituents and their anger with the coalition. Perhaps we shall be able to have, for the day, a healthier coalition promoting jobs and investment in Bassetlaw.

[Vince Cable]

I am not sure I shall need much protection because the firms in the hon. Gentleman’s constituency are already beating their way to my door. I believe 14 companies have availed themselves of the enterprise finance guarantee scheme, there have been five start-up loans and 17 other companies are using the growth accelerator, all in his patch.

Oral Answers to Questions

Debate between Lord Mann and Vince Cable

Thursday 9th June 2011 Commons Chamber

[John Mann (Bassetlaw) (Lab)]

7. What discussions he has had with representatives of banks on the performance of banks in lending to businesses (a) in Retford and (b) nationally.

[The Secretary of State for Business, Innovation and Skills (Vince Cable)]

I regularly have discussions with senior representatives from all the major banks, as well as smaller and specialised lenders, at which we discuss their lending to small businesses, but sadly, not yet in Retford.

[John Mann]

As the Secretary of State knows, Retford is the barometer of his Government’s success or failure with the economy and the news is not good, because small businesses are being bled dry by the banks, which are failing to lend. When they do lend, they do so at excessive costs, including the excessive use of invoice financing. It will be too late for small businesses if the Secretary of State does not wake up and do something about that as they will go out of business. What will he do?

[Vince Cable]

The hon. Gentleman’s constituency may well be a barometer of Government performance, but he has obviously overlooked the fact that in it, 19 businesses were offered loans, backed by the enterprise finance guarantee, totalling almost £2 million. That is help in a purely practical sense.

The hon. Gentleman makes a specific point on types of financing. Because of the difficulties of lending against property, the emergence of forms of lending against assets or future transactions is actually a positive diversification of finance.

Amendment of the Law

Debate between Lord Mann and Vince Cable

Thursday 24th March 2011 Commons Chamber

[Vince Cable]

I would have thought that Opposition Members who want the economy to flourish and new jobs in their constituencies welcomed the fact that I and other Ministers spend a lot of our time talking to potential inward investors. That is good not only for them but for the British companies that then become part of their supply chain and whose confidence is reinforced.

Especially for small businesses, growth requires the Government not to put unnecessary obstacles in the way. When we searched the archives, we discovered that we had inherited a stock of 21,800 regulations and that the last Government were responsible for roughly 10,000 of them. Rather sad people like me who have spent some of the best years of our political lives in Statutory Instrument Committees will have seen all of that happening.

We have taken action to stop the gold-plating of EU regulations, to ensure that every new regulation is matched by the value of an “out”, and to mandate sunset clauses. We have launched a reform of the expensive and time-consuming tribunal system, and we have injected common sense into Health and Safety Executive inspections. The Budget confirmed the statement I made last week that there will be a three-year moratorium on new regulation affecting micro-businesses with fewer than 10 employees.

[John Mann]

You should be ashamed of yourself.

[Vince Cable]

Not at all; we should be proud of lifting regulation from small companies that generate employment, which every Member should be concerned about.

[John Mann]

Will the right hon. Gentleman give way?

[Vince Cable]

No, I have taken a lot of interventions, and the hon. Gentleman has already made his intervention from a sedentary position.

The role of government is not only to get out of the way when they are blocking growth, but to intervene when there is a genuine market failure. Training is one such area, and we are seeking to alleviate the problem by supporting apprenticeships. When we came into office, 150,000 apprenticeships were planned for 2010-11 to be part-funded by government. We have increased that number, even in an environment of cuts, by 75,000 over the spending review period and in this Budget we have added another 50,000. The problems of training are massive. Let us remind ourselves that we inherited a system in which 14% of the adult population have poor literacy skills—we are talking about the reading age of a 12-year-old—and 19% have grossly inadequate mathematical skills. That is the base from which we start. [Interruption.] A lot of people, both in this House and outside it, would take this issue of innumeracy among the public much more seriously than the Labour Front-Bench team.

In the Budget, the Government have also invested further in science, particularly in research infrastructure. Through a combination of policies—the protection of the ring-fencing of the science budget; the legislative action to protect scientists and others from libel action; and the launching of the technology and innovation centre and advanced manufacturing—we have made a very firm declaration of support for the science community and the commercial application of science.

--- Later in debate ---

[Vince Cable]

I probably was going to disappoint my right hon. Friend, because the Chancellor covered those issues very well yesterday. However, there is a lot more where that came from.

[John Mann]

rose—

[Vince Cable]

I am not going to take any more interventions.

I return to the issue of fairness. When we first came into office, the major attack from the Opposition was that we were going to hit the poorest hardest. When it became clear that we were producing policies to protect the state pension, increase child tax credits, give preferential treatment to low-paid workers in the public sector and lift low-paid workers out of tax, attention shifted to the so-called “squeezed middle”, which has been variously defined to encompass 90% of the population.

The truth of the situation is that as a result of the financial crash and the recession that followed, Britain is a significantly poorer country than we were several years ago, so living standards have been squeezed. As the Governor of the Bank of England said,

“the real consequences of this crisis are only now beginning to be felt.”

What we have done in the Budget is take concrete action on fuel duty and on lifting the thresholds at which low earners pay tax. I shall dwell on that point a little—

Oral Answers to Questions

Debate between Lord Mann and Vince Cable

Thursday 14th October 2010 Commons Chamber

[John Mann (Bassetlaw) (Lab)]

T10. If the Business Secretary had been able to accept my invitation to open the world’s most advanced plastics recycling factory in my constituency two weeks ago, he would have learnt that the decision to invest in this country was based on a £1 million grant from the regional development agency. How much will be available through such grants to attract other overseas businesses to invest in my constituency in the next three years?

[Vince Cable]

I am sorry that I did not have the opportunity to visit the hon. Gentleman’s constituency. I will try to make up for that in future. We want to attract inward investment, but it was not at all clear that the best way of doing so was through the RDAs, which were duplicating each other’s work. In key overseas countries, for example, there have often been several RDAs competing with each other, using public money in a completely unstructured and unhelpful way. We are going to resolve that.