Simon Hughes
Main Page: Simon Hughes (Liberal Democrat - Bermondsey and Old Southwark)Department Debates - View all Simon Hughes's debates with the Department for Education
(13 years, 2 months ago)
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Vince Cable
As it happens, under the growth review that Ministers are conducting, yesterday we reviewed the creative industry sector to which the hon. Gentleman refers. The sector has serious problems of access to finance, because of a lack of tangible security, and issues around copyright protection. We are pursuing both those issues, and if we can crack them it will help creative industries across the country.
Simon Hughes (Bermondsey and Old Southwark) (LD)
4. What recent progress he has made in his discussions with representatives of the banking industry on increasing levels of lending to small and medium-sized enterprises.
Mr Mark Spencer (Sherwood) (Con)
16. What recent progress he has made in his discussions with representatives of the banking industry on increasing levels of lending to small and medium-sized enterprises.
The Secretary of State for Business, Innovation and Skills (Vince Cable)
As announced last week in the House by the Chancellor, the UK’s five major banks have stated a capacity and willingness to lend £190 billion of new credit to business in 2011. That includes £76 billion of new lending to SMEs, which is a 15% increase on the amount lent in 2010. If demand exceeds that, the banks will lend more.
Simon Hughes
I warmly welcome my right hon. Friend’s work and the Government’s announcement. To have maximum transparency, will Ministers negotiate with the banks for the figures on lending to small and medium-sized businesses to be published by principal local authority area on a regular basis, so that we can see exactly what is happening throughout the country?