Asked by: Lord Taylor of Warwick (Non-affiliated - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government what steps they are taking to support the growth of start-up businesses.
Answered by Earl of Minto - Minister of State (Ministry of Defence)
The Government provides extensive support to businesses through our Help to Grow Management, Business Support Helpline and Growth Hubs. Businesses can also access government-backed financial support from the British Business Bank. The Start Up Loans Company provides loans and support to new entrepreneurs, including a year of free business mentoring for successful applicants. Since the Start Up Loans programme was launched in 2012, over 105,000 loans have been delivered with an aggregate value of more than £1bn (average loan size of £9,547), as of June 2023.
Asked by: Lord Taylor of Warwick (Non-affiliated - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government what steps they are taking to ensure that the Comprehensive and Progressive Agreement for Trans-Pacific Partnership trade agreement aligns with the UK’s commitment to environmental protection.
Answered by Earl of Minto - Minister of State (Ministry of Defence)
The Government has made clear that we will not compromise on the UK's environmental protections in our Free Trade Agreements.
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) includes an extensive environment chapter which recognises Parties' sovereign right to regulate for their own levels of domestic environmental protection.
Asked by: Lord Taylor of Warwick (Non-affiliated - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government what steps they are taking to ensure that gig economy workers (1) rights, and (2) job security, are protected during technological advancement in that sector.
Answered by Earl of Minto - Minister of State (Ministry of Defence)
The Government is clear that everyone deserves to be treated fairly at work and rewarded for their contribution to the economy.
The gig economy offers individuals flexibility and can provide opportunities for those unable to work in more conventional ways. Those who qualify as workers under existing employment law, including those who work in the gig economy, are entitled to core employment rights. Last year, the Government published guidance to give individuals and businesses a better understanding of which employment status is relevant to them, and the rights that go with it.
Asked by: Lord Taylor of Warwick (Non-affiliated - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government what steps they are taking to introduce additional legislative measures to encourage large companies to pay their small and medium-sized enterprises (SME) suppliers promptly.
Answered by Earl of Minto - Minister of State (Ministry of Defence)
We are currently undertaking a Payment and Cash Flow review, examining how Government and others can continue to improve payment culture in the UK and ensure we are supporting small businesses effectively on late payments. The review included a public consultation of the Reporting on Payment Practices and Performance Regulations 2017 and the Limited Liability Partnerships (Reporting on Payment Practices and Performance) Regulations 2017 (the Regulations). Responses to the review and publication will be published later this year.
Asked by: Lord Taylor of Warwick (Non-affiliated - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government what plans they have, if any, to implement stricter regulatory frameworks to discourage the formation and support of “zombie” companies that avoid bankruptcy only through cheap borrowing.
Answered by Earl of Minto - Minister of State (Ministry of Defence)
By their nature, so-called "zombie" companies do not present as such at the point of incorporation. It is primarily for banks and other lending institutions to consider the risks in lending to companies whose ability to repay debt may be in doubt. The UK maintains a robust regulatory regime over lending as well as a transparent company register framework which helps facilitate the flow of capital towards productive companies.
Asked by: Lord Taylor of Warwick (Non-affiliated - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government what plans they have, if any, to encourage businesses to increase recruitment during the current hiring downturn.
Answered by Earl of Minto - Minister of State (Ministry of Defence)
In March to May 2023 (the latest data available from the Office for National Statistics), the UK employment rate increased to 76%. The government continues to support small businesses through the Help to Grow: Management programme; Start Up Loans; Business Support Helpline; and Growth Hubs across England. Employers and training providers could be eligible for £1,000 each if they hire an eligible apprentice. The Employment Allowance also allows eligible employers to reduce their annual National Insurance liability by up to £5,000.
Asked by: Lord Taylor of Warwick (Non-affiliated - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government what assessment they have made of the likely timing of a free trade agreement with the USA.
Answered by Lord Johnson of Lainston - Minister of State (Department for Business and Trade)
The United States is not negotiating traditional FTAs with any country. On the 8th of June, the Prime Minister and the President announced a first-of-its-kind economic partnership. The Atlantic Declaration and accompanying Action Plan cover the full spectrum of our economic, technological, commercial and trade relations, and will explore ways to expand our bilateral trade, already worth £279 billion per year.
As part of the Declaration, we announced the immediate launch of negotiations on a Critical Minerals Agreement to ensure UK access to the US market for a strategically important sector of the UK economy and bolster vital supply chains.
Asked by: Lord Taylor of Warwick (Non-affiliated - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government what steps they are taking to boost the confidence of UK businesses during the current period of increased inflation.
Answered by Earl of Minto - Minister of State (Ministry of Defence)
Government has taken action to support small and medium-sized enterprises by reversing the National Insurance rise, saving small businesses £4,200 on average, as well as raising the Employment Allowance to £5,000.
Government also provides extensive support to all types of businesses including through Help to Grow: Management scheme, which helps SMEs across the UK learn new skills, reach more customers and boost profits.
Furthermore, businesses can access financial support provided through the British Business Bank. Our network of Growth Hubs across UK provides SMEs access to information and advice alongside our free Business Support Helpline.
Asked by: Lord Taylor of Warwick (Non-affiliated - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government what steps they are taking to address late payments made by large businesses to their smaller suppliers.
Answered by Earl of Minto - Minister of State (Ministry of Defence)
Government is tackling the culture of late payments with measures including Payment Practices Reporting, the Small Business Commissioner and Prompt Payment Code.
We are currently undertaking a Payment and Cash Flow review which is examining how Government and others can continue to improve payment culture in the UK and ensure we are supporting small businesses effectively on late payments.
Asked by: Lord Taylor of Warwick (Non-affiliated - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government what steps they are taking to equip small and medium-sized enterprises with digital skills to help facilitate their growth.
Answered by Earl of Minto - Minister of State (Ministry of Defence)
The Government is ensuring that SMEs are equipped with digital skills in various ways.
We have launched eight Local Digital Skills Partnerships across England to tackle digital skills gaps including for small businesses and set up a Digital Skills Council which is focused on increasing industry uptake of digital apprenticeships, particularly for SMEs.
The Help to Grow: Management scheme is helping SMEs improve their leadership and management capability including their ability to adopt digital technology, and the Made Smarter programme supports digital transformation, including digital leadership skills, for SME manufacturers.