PARLIAMENTARY DEBATE
Support for SMEs - 23 March 2023 (Commons/Commons Chamber)

Through finance, we are making sure that the Government are supporting UK SMEs through our recovery loan scheme and through the start-up loans scheme, which has provided 101,000 loans and nearly £1 billion. On business support, a network of 38 growth hubs across England provides access to information and advice, and we are removing barriers by supporting SMEs seeking to export through the Export Academy, UK Export Finance, cutting red tape and incentivising investment.

Businesses and traders in Stoke-on-Trent city centre are supported by the fantastic team at our Hanley business improvement district. This week, with investment from the safer streets fund, they are giving a much-needed facelift to shop fronts in Hope Street, making the gateway route to our city centre more attractive. Does my hon. Friend agree that such initiatives, which make our shopping areas more attractive, are a good investment that encourages business growth locally? Will he join me in congratulating my city centre BID?

It is a great pleasure to do so. I congratulate my hon. Friend on her work. The money that has been invested in Hope Street will contribute to its being a safer, more welcoming place to visit and shop, which in turn will support the local economy. Regenerating streets such as Hope Street is essential to making our high streets and town centres successful, and I congratulate her on the work she does in this regard.

The financial viability of the high street continues to decline as businesses struggle to compete with online shopping, the impact of which will be felt most keenly in local and small to medium-sized businesses. What discussions has the Minister had with the Chancellor about the urgent need for a long-term, local-scale economic plan to support high streets?

The hon. Lady is right to raise this issue. We have put in place £13.6 billion of business rates support to help businesses over the next few years, but we are also improving access to finance, improving business support through our growth hubs and cutting red tape, making it easier for businesses to start up and scale up in the UK. That work will continue.