Asked by: Lucy Allan (Independent - Telford)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, when his Department first learned about Melrose's proposed takeover of GKN.
Answered by Andrew Griffiths
GKN announced on 12 January that it had been approached by Melrose. Since then I have spoken on an impartial basis to both companies, and will continue to monitor the situation closely
Asked by: Lucy Allan (Independent - Telford)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, what assessment his Department has made of the potential effect on (a) jobs, (b) operations and (c) the wider economy of Melrose's proposed takeover of GKN.
Answered by Andrew Griffiths
This is a commercial matter for the companies involved, however the Government is closely monitoring the situation. If necessary, the Government can intervene in takeovers on public interest grounds, covering national security, financial stability or media plurality.
Asked by: Lucy Allan (Independent - Telford)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, what support his Department is providing to SMEs in the West Midlands before the UK leaves the EU.
Answered by Andrew Griffiths
Our Industrial Strategy aims to make Britain the best place to start and grow a business, and a global draw for the most innovative companies. We are already doing a lot for small and medium sized (SMEs) enterprises in the West Midlands.
Growth Hubs help simplify the business support landscape, providing joined up access to the full range of local and national support programmes (public and private). Since their launch, the six Growth Hubs in the West Midlands have engaged and supported over 37,500 businesses; delivered over 2,200 intensive assists; and helped over 1,850 individuals to start a business.
Businesses in the West Midlands can also access national support through GOV.UK and the Business Support Helpline.
British Business Bank programmes are currently facilitating over £629m to 3,493 businesses in the West Midlands. In addition the Start Up loans programme has issued 4,421 loans to value of over £30m.
The West Midlands also forms part of the Midlands Engine. A key part of the Government’s strategy for fuelling growth in the region is the £250m Midlands Engine Investment Fund, which aims to transform the finance landscape for smaller businesses in the Midlands, accelerate economic growth and promote job creation. The Fund launched its first wave, £120m of Debt and Small Business funds, in August 2017.
Alongside this, the Government is working with the European Union to agree a deal on an implementation period and future partnership following the UK’s exit in order to ensure a smooth and orderly transition for businesses. Any additional support provided to small businesses will also be informed by the outcome of these ongoing negotiations.
Asked by: Lucy Allan (Independent - Telford)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, how many small and medium-sized enterprises in Telford constituency have received support under each business support scheme operated by his Department since 2010.
Answered by Andrew Griffiths
Our Industrial Strategy aims to make Britain the best place to start and grow a business, and a global draw for the most innovative companies. We are already doing a lot for small and medium sized (SMEs) enterprises in Telford.
Over 14,000 businesses have been supported and 239 people have had help to start a new business by The Marches Growth Hub which provides support to local SMEs in the area. Growth Hubs help simplify the business support landscape providing joined up access to the full range of local and national support programmes (public and private).
Since November 2014, British Business Bank programmes have facilitated over £70m to 131 businesses in the constituency of Telford.* This includes 63 Start Up loans at a value of over £420k. Telford constituency is also part of the Midlands Engine. A key part of the Government’s strategy for fuelling growth in the region is the £250m Midlands Engine Investment Fund, which aims to transform the finance landscape for smaller businesses in the Midlands, accelerate economic growth and promote job creation. The Fund launched its first wave, £120m of Debt and Small Business funds, in August 2017.**
Since 2010-11, Innovate UK has also provided over £345,000 of funding to 8 businesses in the Telford constituency so that they can take forward their ideas and make them commercially viable.
*British Business Bank received State Aid clearance in November 2014, figures show flow of finance facilitated from November 2014 date to the end of September 2017 only
** constituency level data on MEIF is not available
Asked by: Lucy Allan (Independent - Telford)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, what assessment he has made of the potential effect on businesses in Telford of the Industrial Strategy.
Answered by Andrew Griffiths
Through our Industrial Strategy we are taking action to boost productivity and earning power in businesses across all parts of the UK. We are driving an additional £20bn of investment into high-growth potential businesses over the next 10 years, and committing record levels of investment into infrastructure and R&D across the country.
The Government has supported and invested in the creation of a network of 38 Growth Hubs (one in each Local Enterprise Partnership area), providing businesses across England with tailored advice and support. Businesses in Telford can access support through The Marches Growth Hub which has, since its launch in 2015, worked with over 14,000 businesses and helped 239 individuals to start up a new business. The Government is providing a further £24m of core funding for Growth Hubs over the next 2 years.