Oral Answers to Questions

Baroness McIntosh of Pickering Excerpts

Thursday 9th June 2011 Commons Chamber

[Vince Cable]

The hon. Gentleman is absolutely right to draw attention to that problem. I have had extensive discussions with the steel industry, and also with the ceramics and chemicals industries, which can be affected by precisely that problem. My colleague the Secretary of State for Energy and Climate Change made it clear in his recent statement that we are looking at a package of measures, in consultation with industry, that will hopefully help it to deal with the higher costs of electricity.

[Miss Anne McIntosh (Thirsk and Malton) (Con)]

The Secretary of State recently announced the green investment bank, but obviously the capitalisation amounts are very small. Will he assure the House that small companies in Thirsk, Malton and elsewhere will qualify for capital loans from the green investment bank?

[Vince Cable]

I would not regard £3 billion as a small capitalisation—it is very substantial, and hopefully it will mobilise an additional £15 billion in this Parliament from the private sector. There is a question over how we develop the capacity of that bank, but the hon. Lady is right that we must take account of the ability of small companies to participate in the supply chains of the big bids that will undoubtedly be made under the GIB proposals.