Written Question
Monday 29th January 2024
Asked by:
Derek Twigg (Labour - Widnes and Halewood)
Question
to the HM Treasury:
To ask the Chancellor of the Exchequer, what information his Department holds on the number of SMEs in the defence sector that have been denied (a) banking facilities and (b) other forms of finance because of environmental, social and governance policies since 2020.
Answered by Bim Afolami
The Government recognises the vital role small and medium-sized enterprises play in fuelling economic growth, and it is important they can access the banking services they need. Last year the Chancellor asked the Financial Conduct Authority (FCA) to collect evidence to help us understand where account closures and refusals are happening and why. The FCA published their initial findings on 19 September, and are doing further work with firms to verify the data and to better understand the reasons behind account refusals. In addition, HM Treasury is continuing to engage with industry to understand any existing or emerging issues regarding bank account access for businesses.
The Government welcomes steps that the financial services sector is taking to improve understanding of how firms can access financial services. In December, guidance specifically aimed at businesses operating in the defence and security sectors was published by UK Finance, the trade association for the banking and finance industry, and ADS, the trade association for the UK’s aerospace, defence, security and space sectors. This work was supported by the Department for Business and Trade.
The Government has been clear that it does not support the exclusion of defence companies from access to debt and equity capital on the basis of Environmental, Social and Governance (ESG) considerations. This was made evident in a Written Ministerial Statement made by the Secretary of State for Defence, in conjunction with HM Treasury, that stated “the important values within ESG should not undermine capabilities developed to help us preserve peace and security, without which sustaining those values would not be possible”. In addition, HM Treasury has recently consulted on a potential regulatory framework for ESG ratings providers which would aim to improve transparency and promote good conduct, which will help address some of the issues which defence companies have raised.
Written Question
Thursday 25th January 2024
Asked by:
Derek Twigg (Labour - Widnes and Halewood)
Question
to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to his oral answer of 19 December 2023 on Reducing Taxes, Official Report, Column 1220, when he plans to write to the hon. Member for Halton.
Answered by Nigel Huddleston
- Shadow Secretary of State for Culture, Media and Sport
The Chancellor responded to the honourable Member on 23 January 2024.
Speech in Commons Chamber - Wed 12 Oct 2022
Economic Situation
"No matter what the Minister has said today, the sums do not add up—that is a fact. The Government have lost control of the situation and shown a level of incompetence that has rarely been seen in British politics. As a result, we have seen increased anxiety and even terror …..."Derek Twigg - View Speech
View all Derek Twigg (Lab - Widnes and Halewood) contributions to the debate on: Economic Situation
Speech in Westminster Hall - Wed 25 May 2022
Cost of Living: Fiscal Approach
"I am not going to impose a hard and fast rule, but I hope that Members will be considerate and keep their speeches to no more than five minutes. That will ensure that all colleagues get in on the debate. I am going to implement a hard and fast rule …..."Derek Twigg - View Speech
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Speech in Westminster Hall - Wed 25 May 2022
Cost of Living: Fiscal Approach
"Order. I remind Members who take interventions to bear in mind that I am trying to keep speeches to around five minutes...."Derek Twigg - View Speech
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Speech in Westminster Hall - Wed 25 May 2022
Cost of Living: Fiscal Approach
"I remind Members that you can see on the clock what time it is...."Derek Twigg - View Speech
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Speech in Westminster Hall - Wed 25 May 2022
Cost of Living: Fiscal Approach
"I will now impose a four-minute limit on Back Benchers, and I will call the SNP spokesman no later than 3.41 pm...."Derek Twigg - View Speech
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Speech in Westminster Hall - Wed 25 May 2022
Cost of Living: Fiscal Approach
"I am afraid I will have to reduce the limit again, to three minutes. I call Jim Shannon...."Derek Twigg - View Speech
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Speech in Westminster Hall - Wed 25 May 2022
Cost of Living: Fiscal Approach
"I call Dan Jarvis to wind up...."Derek Twigg - View Speech
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Speech in Commons Chamber - Thu 09 Dec 2021
Downing Street Christmas Parties Investigation
"My constituents, like those of a lot of hon. Members here today, are very angry about what has gone on at this party. They have made sacrifices throughout the year, and they think that one of the outcomes of this should be the resignation of the Prime Minister. He should …..."Derek Twigg - View Speech
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