Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent discussions she has had with financial institutions on improving access to affordable credit for small businesses.

The Government is committed to ensuring that small businesses across the UK can access the finance they need to start, grow and thrive. Treasury ministers, including me in my capacity as Economic Secretary, regularly meet with both traditional and newer banks, and wider market actors across the financial services sector, to discuss a range of matters.

The chief focus of this Government is growth, and the financial services sector clearly has an important role to play in supporting the real economy. The UK benefits here from a diverse range of high-street banks, specialist lenders and fintechs, supported by Government policies such as Commercial Credit Data Sharing and British Business Bank programmes, for example the Growth Guarantee Scheme and Community ENABLE Funding. In the Spending Review last year, the Treasury gave the British Business Bank a significant uplift of £6.6 billion, increasing the Bank’s total financial capacity to £25.6 billion. This settlement represents a major expansion of the Bank’s ability to support SME finance, crowd in private investment, and deliver new programmes such as Industrial Strategy Growth Capital and expanded regional and sectoral funds.