Oral Answers to Questions

Debate between Christopher Pincher and Michael Fallon

Thursday 18th July 2013 Commons Chamber

[Christopher Pincher (Tamworth) (Con)]

T4. Boomerang Plastics is an innovative recycling start-up based in Tamworth and looking to expand, but one of its challenges is finding the right space to expand. What are Ministers doing with the Department for Communities and Local Government to encourage developers to construct the right sorts of business parks and to encourage local authorities to offer the right sorts of planning rights to allow firms such as Boomerang to find the space to grow and expand?

[Michael Fallon]

My hon. Friend raises an important point. It will be for his local enterprise partnership, as part of its local growth strategy, to ensure sufficient space for the development of business parks, so that companies can grow successfully without constantly having to move from their premises and can expand next door.

Oral Answers to Questions

Debate between Christopher Pincher and Michael Fallon

Thursday 11th July 2013 Commons Chamber

[Christopher Pincher]

Further to the question from my right hon. Friend the Member for Hitchin and Harpenden (Mr Lilley), what action can the Government take to help to bust the myths about shale gas and hydraulic fracturing, so that local authorities—which are often a stumbling block—will be more inclined to grant planning applications? In that way, the Treasury, communities and energy users will be able to benefit from this vital national resource.

[Michael Fallon]

I am grateful to my hon. Friend. We all have a responsibility to ensure that the debate over shale and fracking is conducted on the basis of evidence rather than myths. I want to ensure that the developers of potential shale resources and those who want to dig exploration wells engage early with local communities. I also want to ensure that those communities that want to host shale are fully aware of the procedures involved and of the significant financial benefits that could accrue.

Oral Answers to Questions

Debate between Christopher Pincher and Michael Fallon

Thursday 6th September 2012 Commons Chamber

[Annette Brooke (Mid Dorset and North Poole) (LD)]

20. What recent steps he has taken to support small and medium-sized businesses.

[The Minister of State, Department for Business, Innovation and Skills (Michael Fallon)]

In total, 450,000 new businesses were registered last year compared with 360,000 in 2009-10. We have cut corporation tax rates to an all-time low, we continue to cut red tape, we are incentivising bank lending, and we have a range of other schemes to support high-growth businesses in particular.

[Christopher Pincher]

I welcome my hon. Friend to his post and I welcome his answer. One of the concerns that SMEs in my constituency have is that, whereas previously they had access to overdraft extensions, which represent cheap credit, banks now insist on collateralised loans, which are repayable over a term at a rate over base, which represents more expensive credit. Will the Government’s innovative reforms result in not just an extension of credit, but a reduction in its price?

[Michael Fallon]

I am grateful to my hon. Friend. He is exactly right: cheaper credit is the key for many small companies. The whole aim of the funding for lending scheme is to ensure that banks pass on the reduction in the cost of the money that they themselves are accessing. The Bank of England will monitor that, but my Department will check that each bank continues to do it.