Business of the House

Barry Sheerman Excerpts

Thursday 6th March 2014 Commons Chamber

[Mr Lansley]

What my hon. Friend says is very encouraging. I am pleased to have the opportunity to join him in congratulating Dennis Eagle on its advanced manufacturing supply chain initiative award. We are in favour of all Eagles, in their place—[Laughter.] He makes a good point. Some recent examples of reshoring have been very encouraging and demonstrate the tip of the iceberg. Those looking to increase manufacturing and supply manufacturing jobs no longer need to go abroad to be competitive, and that makes an enormous difference. Our backing for skills, apprenticeships, supply chains and innovation in new technologies is creating the right environment. On Tuesday, my right hon. Friend the Secretary of State for Business, Innovation and Skills announced further supply chain funding, which is another practical example of well-targeted Government support helping UK firms to keep that progress going.

[Mr Barry Sheerman (Huddersfield) (Lab/Co-op)]

Is the Leader of the House aware that crowdfunding allows many people, particularly women, to get into business start-ups for the first time? This is an area that has not been colonised by men, so, in the week of international women’s day, will he arrange an early debate? The Financial Conduct Authority released its recommendations on the regulation of crowdfunding this morning. Getting the regulation right will provide a wonderful opportunity to expand and become the international centre for crowdfunding.

[Mr Lansley]

I am glad the hon. Gentleman has raised this matter. I have not had an opportunity to look at what the FCA has had to say. He has, rightly, raised this issue before and I hope he finds today’s publication positive. We certainly want to see an improvement in the sources of funding available to small business. He will have heard my right hon. Friend the Secretary of State for Business, Innovation and Skills say how we want to achieve additional sources of funding for small businesses, through not only banks but a wider range of sources. Crowdfunding is for entrepreneurs. There are 400,000 more businesses than there were in 2010, many of which were set up by women. The hon. Gentleman may have an opportunity to raise the issue further in this afternoon’s Westminster Hall debate on the contribution of women to the economy. If we can raise the rate of women entrepreneurship in this country to the level in the United States, it will dramatically increase our prospects for growth. [Interruption.]