Adam Afriyie, the MP for Windsor, has asked the Government a series of Parliamentary Questions concerning international trade to uncover what steps the Government is taking to prepare the UK for its departure from the European Union.
They have shone a light on a series of actions being taken by the Government to utilise technology and diplomatic relations to promote international trade and enable businesses to make the most of the new opportunities that withdrawing from the European Union’s Customs Union will bring.
On Tuesday 28th February Adam asked Chancellor of the Exchequer for an update on the work that they are doing to make Britain a better place for private sector firms to invest.
The MP for the Windsor constituency, Adam Afriyie, said:
“Private sector investment is a motor for future economic growth so it is essential that Britain has a simple and generous tax credit system for R&D.
Adam Afriyie (Conservative, Windsor): To ask the Chancellor of the Exchequer, what recent steps he has taken to encourage banks to offer their services to money service businesses.
Andrea Leadsom (Economic Secretary to the Treasury; Conservative): The UK Government is committed to supporting a healthy and legitimate remittance sector, and ensuring that UK citizens are able to continue to remit funds safely to family abroad. That is why, in response to the withdrawal of banking services from the Money Service Business sector we set up an Action Group on Cross Border Remittances to address this issue. The group is monitoring changes to the market, has developed guidance for MSBs and banks and is promoting a shared understanding of risk. The group is also overseeing the development of a Safer Corridor to ensure the continued, secure flow of remittances to Somalia.
Treasury Ministers have been engaging closely with the banking industry both through the British Bankers Association and directly with those banks involved in this issue, including personally writing to and phoning a number of banks.
Adam Afriyie (Windsor, Conservative): To ask the Chancellor of the Exchequer, what steps he has taken to encourage more foreign direct investment in UK companies.
Andrea Leadsom (Economic Secretary to the Treasury): In 2013-14 the UK attracted 1,773 foreign direct investment projects, giving a total stock of £1.6 trillion of such investments – more than any other country apart from the USA. During this Parliament the Government has taken action to make the UK a more attractive location to run a business including reducing corporation tax so that it will reach 20% next year – the lowest in the G20 – and investing in skills, science and infrastructure. The Government has also increased resources at UK Trade and Investment including for example establishing private sector-led teams in the Gulf, Central Europe, and South America dedicated to attracting inward investment into the UK.
Adam Afriyie (Windsor, Conservative): To ask the Secretary of State for Business, Innovation and Skills, what steps the Government has taken to support disabled people in Windsor constituency who want to start their own business.
Matthew Hancock (Minister of State for Business and Enterprise): We are continuing to work hard to provide the right support to make life easier for everyone who wants to start their own business, including disabled people.
www.greatbusiness.gov.uk provides support and advice for anyone trying to grow a business as well as for entrepreneurs starting out. This includes a ‘Business Finance and Support Finder’ that can provide a customised source of government backed support and finance for business. In addition to on-line support, the Business Support Helpline (0300 456 3565) is available to provide a quick response on queries about starting a business, or a personalised and in-depth advice service for more complex needs. For those looking for start-up finance and advice there are Start-Up Loans: 10 loans worth a total of £47,500 have been drawn down in Windsor to date.
Finally, the New Enterprise Allowance helps people claiming certain out of work benefits to start up their own business. As of June 2014, 10,040 disabled people (from a total of 53,350) had started a new business with the help of the NEA.