Asked by: Simon Baynes (Conservative - Clwyd South)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps his Department is taking to ensure (a) a green and (b) a resilient recovery from the covid-19 outbreak.
Answered by Kwasi Kwarteng
In his speech of June 30, my Rt. Hon. Friend the Prime Minister made clear that in recovering from COVID-19, we must build back better, build back greener, build back faster, and to do that at the pace that this moment requires. At my Rt. Hon. Friend Mr Chancellor of the Exchequer's economic update on July 8, the Government set out the next stage in our plan to support the UK’s recovery from the pandemic.
We are taking action to support a Green Recovery in every sector including: over £3 billion to transform energy efficiency in homes and public buildings; over £1 billion support for ultra-low emission vehicles; £800 million to capture carbon from power stations and industry; £640 million in Nature Climate Fund; and £100 million for research and development into Direct Air Capture technologies.
We will continue to build on this and deliver a stronger, greener, more sustainable economy after this pandemic.
Asked by: Simon Baynes (Conservative - Clwyd South)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, what support he is providing to small builders in North Wales.
Answered by Nadhim Zahawi
Whilst policy relating to construction is a devolved matter, my Rt. Hon. Friend Mr Chancellor of the Exchequer has announced a £330 billion support package of Government-backed and guaranteed loans so as to help businesses to access finance, including those in Wales.
Measures include the Coronavirus Business Interruption Loan Scheme (CBILS), which enables small and medium-sized enterprises, with a turnover of up to £45 million, to access vital financial support. This is available to businesses in Wales via high street banks and the Development Bank of Wales. The Chancellor has extended the CBILS so that all viable businesses affected by COVID-19, and not just those unable to secure regular commercial financing, will now be eligible should they need finance to keep operating during this difficult time. In addition, we announced the Bounce Back Loans Scheme, which provides loans of up to £50,000 to benefit small businesses with a 100% Government-backed guarantee for lenders.
The Welsh Government has announced a new £500 million Welsh fund which will support firms of all sizes, including social enterprises.
Asked by: Simon Baynes (Conservative - Clwyd South)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps he is taking to support innovative and fast-growing firms during the covid-19 outbreak.
Answered by Paul Scully
The Government is aware of the role that innovative businesses play in supporting economic growth as our economy recovers from the Covid-19 crisis. That is why my Rt. Hon. Friend Mr Chancellor of the Exchequer announced a £1.25 billion package to help protect firms driving innovation in the UK.
This package includes the Future Fund, which provides innovative companies with convertible loans, investing between £125k and £5m, on the condition that third-party investors at least match the Future Fund’s commitment. Developed by Government and delivered by the British Business Bank, the Future Fund launched for applications in May and will initially be open until the end of September. As of 12 July, the Future Fund had facilitated 429 loans totalling £420 million.
SMEs focusing on research and development are also benefiting from £750 million of grants and loans through Innovate UK.
This package builds on the government’s existing support for innovative, high-growth firms including the British Business Bank’s £2.5 billion British Patient Capital programme, internationally competitive R&D tax reliefs, and our commitment to increase public R&D spending to £22 billion by 2024-25.