The PRA is implementing Basel 3.1 as part of the UK\u2019s Smarter Regulatory Framework. As part of this, the government has legislated for an accountability framework to ensure the PRA consider the impact of its implementation of Basel 3.1 on the wider impact on UK economic growth, of which SME lending is a vital part. HM Treasury continues to engage with the Prudential Regulation Authority (PRA) to assess the impact of its Basel 3.1 package on SME lending. The PRA has been clear that its final requirements will be guided by the evidence and that it would \u2018particularly welcome\u2019 evidence on the impact on SME lending so it can get its final proposals right. The PRA has said that it intends to publish its second policy statement in Q2 this year which will finalise the requirements in relation to SME lending<\/p>
<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4639", "label" : {"_value" : "Biography information for Bim Afolami"} } , "answeringMemberConstituency" : {"_value" : "Hitchin and Harpenden"} , "answeringMemberPrinted" : {"_value" : "Bim Afolami"} , "dateOfAnswer" : {"_value" : "2024-02-26", "_datatype" : "dateTime"} , "groupedQuestionUIN" : {"_value" : "13940"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2024-02-26T10:38:15.87Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2024-02-16", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Small Businesses: Finance"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, with reference to the Prudential Regulation Authority Consultation Paper 16/22 on the Implementation of the Basel 3.1 standards published on 30 November 2022, what recent conversations he has had with the Prudential Authority on SME funding.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/1565", "label" : {"_value" : "Biography information for Sir Philip Davies"} } , "tablingMemberConstituency" : {"_value" : "Shipley"} , "tablingMemberPrinted" : [{"_value" : "Philip Davies"} ], "uin" : "13941"} , {"_about" : "http://data.parliament.uk/resources/1604402", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1604402/answer", "answerText" : {"_value" : "
The PRA is currently consulting on its proposals for Basel 3.1. This includes its proposals for deleting retained EU law including those which relate to the prudential rules on secured and unsecured SME lending. The detailed implementation of the Basel package however, has been delegated to the Prudential Regulation Authority (PRA) as the UK\u2019s expert regulator. The PRA is also consulting and has requested information from firms on specific measures including those relating to lending to SMEs.<\/p>
<\/p>
The Government continues to work closely with the PRA and businesses to understand the impact of its proposed changes, including for the international competitiveness of the UK and the impact on SME lending. This includes monitoring the EU\u2019s proposals, which also have not yet been finalised.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4874", "label" : {"_value" : "Biography information for Andrew Griffith"} } , "answeringMemberConstituency" : {"_value" : "Arundel and South Downs"} , "answeringMemberPrinted" : {"_value" : "Andrew Griffith"} , "dateOfAnswer" : {"_value" : "2023-03-20", "_datatype" : "dateTime"} , "groupedQuestionUIN" : [{"_value" : "166207"} , {"_value" : "166209"} ], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2023-03-20T14:47:26.747Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2023-03-15", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Small Businesses: Finance"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer what assessment he has made of the impact that proposals to remove the SME support factor in the PRA Consultation CP 16/22 on the Implementation of the Basel 3.1 standards para 4.131 p 144 - para 4.127 p146 on UK competitiveness.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4110", "label" : {"_value" : "Biography information for Dame Karen Bradley"} } , "tablingMemberConstituency" : {"_value" : "Staffordshire Moorlands"} , "tablingMemberPrinted" : [{"_value" : "Karen Bradley"} ], "uin" : "166208"} , {"_about" : "http://data.parliament.uk/resources/1604451", "AnsweringBody" : [{"_value" : "Department for Business and Trade"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1604451/answer", "answerText" : {"_value" : "
The £70 million Investment Fund for Northern Ireland is on course to be launched by the British Business Bank in autumn 2023. The fund will offer a range of commercial finance options with loans from £25,000 to £2 million and equity investment of up to £5 million, increasing the supply and diversity of early-stage finance for smaller businesses in Northern Ireland. The Bank is currently inviting proposals from potential fund managers to operate the new fund.<\/p>
Finance will be allocated based on the commercial merits of the proposals received.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4474", "label" : {"_value" : "Biography information for Kevin Hollinrake"} } , "answeringMemberConstituency" : {"_value" : "Thirsk and Malton"} , "answeringMemberPrinted" : {"_value" : "Kevin Hollinrake"} , "dateOfAnswer" : {"_value" : "2023-03-21", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2023-03-21T15:19:37.747Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "214"} , "answeringDeptShortName" : {"_value" : "Business and Trade"} , "answeringDeptSortName" : {"_value" : "Business and Trade"} , "date" : {"_value" : "2023-03-15", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Small Businesses: Finance"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Secretary of State for Business and Trade, pursuant to the Answer of 13 March 2023 to Question 161242 on Small Businesses: Finance, if he will provide a breakdown of how the £70 million for a Northern Ireland Investment Fund is being allocated.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/1409", "label" : {"_value" : "Biography information for Mr Gregory Campbell"} } , "tablingMemberConstituency" : {"_value" : "East Londonderry"} , "tablingMemberPrinted" : [{"_value" : "Mr Gregory Campbell"} ], "uin" : "166153"} , {"_about" : "http://data.parliament.uk/resources/1602379", "AnsweringBody" : [{"_value" : "Department for Business and Trade"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1602379/answer", "answerText" : {"_value" : "
The Nations and Regions Investment Funds were announced at the 2021 Spending Review and will be delivered by the British Business Bank. The Funds will deliver a mix of debt and equity finance to businesses in their area. The allocations are:<\/p>
<\/p>
Businesses will have benefitted from the Government\u2019s reversal of the National Insurance rise, saving SMEs approximately £4,200 on average, the cut to fuel duty for 12 months and raising the Employment Allowance to £5,000.<\/p>
<\/p>
The Energy Bill Relief and Energy Bill Discount Schemes will protect SMEs from high energy costs over the winter. The Autumn Statement announced £13.6 billion of support for businesses over the next five years, reducing the burden of business rates for SMEs.<\/p>
<\/p>
Support is available to SMEs across the UK through the Recovery Loan Scheme and the Start-Up loan scheme. The latter has provided 100,228 SMEs with Start-Up loans to the value of £941,064,690.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4336", "label" : {"_value" : "Biography information for Lord Callanan"} } , "answeringMemberPrinted" : {"_value" : "Lord Callanan"} , "dateOfAnswer" : {"_value" : "2023-02-06", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2023-02-06T17:16:49.33Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "201"} , "answeringDeptShortName" : {"_value" : "Business, Energy and Industrial Strategy"} , "answeringDeptSortName" : {"_value" : "Business, Energy and Industrial Strategy"} , "date" : {"_value" : "2023-01-23", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Small Businesses: Finance"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask His Majesty's Government what steps they are taking to provide further support to Small and Medium Sized Enterprises (SMEs) experiencing a shortage of financial resources to help them survive in the current economic conditions.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/1796", "label" : {"_value" : "Biography information for Lord Taylor of Warwick"} } , "tablingMemberPrinted" : [{"_value" : "Lord Taylor of Warwick"} ], "uin" : "HL4996"} , {"_about" : "http://data.parliament.uk/resources/1503517", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1503517/answer", "answerText" : {"_value" : "
The Government has a wide range of levers to help SMEs across the country access the capital they need to thrive and grow.<\/p>
<\/p>
The British Business Bank brings together a range of programmes, spanning debt and equity finance as well as regional funds, which help ensure that financial markets are working for SMEs. These programmes are supporting over £10.8 billion of finance to over 93,000 SMEs across the UK.<\/p>
<\/p>
The Government provides three tax-advantaged venture capital schemes: the Enterprise Investment Scheme (EIS), Seed Enterprise Investment Scheme (SEIS) and Venture Capital Trusts (VCTs). These schemes are designed to encourage investment in higher-risk, early-stage companies which face some of the biggest challenges in accessing growth capital.<\/p>
<\/p>
The Government is also working with industry to identify and address barriers to institutional investment into a broader range of assets, which could help unlock more capital for UK SMEs and improve returns for pension savers.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4821", "label" : {"_value" : "Biography information for Felicity Buchan"} } , "answeringMemberConstituency" : {"_value" : "Kensington"} , "answeringMemberPrinted" : {"_value" : "Felicity Buchan"} , "dateOfAnswer" : {"_value" : "2022-09-16", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2022-09-16T11:31:29.387Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2022-09-02", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Small Businesses: Finance"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, what steps his Department is taking to help unlock capital for SMEs in Britain.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4866", "label" : {"_value" : "Biography information for Alexander Stafford"} } , "tablingMemberConstituency" : {"_value" : "Rother Valley"} , "tablingMemberPrinted" : [{"_value" : "Alexander Stafford"} ], "uin" : "45186"} , {"_about" : "http://data.parliament.uk/resources/1399450", "AnsweringBody" : [{"_value" : "Department for Business, Energy and Industrial Strategy"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1399450/answer", "answerText" : {"_value" : "
The Government reaffirmed its commitment to supporting equity finance across the UK at the 2021 Spending Review. We announced over £1.6 billion of new funding for the British Business Bank\u2019s (BBB) regional investment funds, which provide debt and equity finance for SMEs to help them with their next stage of growth.<\/p>
<\/p>
This funding will allow the BBB to set up new funds in Scotland and Wales and build on its existing activity in Northern Ireland. It will also see existing regional funds expand to allow businesses in the North East and South West of England to benefit from debt and equity finance provision.<\/p>
<\/p>
We have also committed an additional £150 million to the Regional Angels Programme, which helps entrepreneurs across the UK access early-stage equity finance. Of the initial £100m commitment through this programme, 80 per cent went to businesses outside London and the South East of England.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4414", "label" : {"_value" : "Biography information for Paul Scully"} } , "answeringMemberConstituency" : {"_value" : "Sutton and Cheam"} , "answeringMemberPrinted" : {"_value" : "Paul Scully"} , "dateOfAnswer" : {"_value" : "2022-01-10", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2022-01-10T17:21:40.933Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "201"} , "answeringDeptShortName" : {"_value" : "Business, Energy and Industrial Strategy"} , "answeringDeptSortName" : {"_value" : "Business, Energy and Industrial Strategy"} , "date" : {"_value" : "2022-01-04", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Small Businesses: Finance"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Secretary of State for Business, Energy and Industrial Strategy, pursuant to the Answer of 23 November 2021 to Question 77452 on Future Fund, what steps his Department is taking to tackle disparities in equity finance across the regions.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4124", "label" : {"_value" : "Biography information for Chi Onwurah"} } , "tablingMemberConstituency" : {"_value" : "Newcastle upon Tyne Central"} , "tablingMemberPrinted" : [{"_value" : "Chi Onwurah"} ], "uin" : "96871"} , {"_about" : "http://data.parliament.uk/resources/1355349", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1355349/answer", "answerText" : {"_value" : "Monetary policy is the responsibility of the independent Monetary Policy Committee (MPC) of the Bank of England and this includes decisions on Bank Rate and quantitative easing. The separation of fiscal and monetary policy is a key feature of the UK\u2019s economic framework, and essential for the effective delivery of monetary policy, so the Government does not comment on the conduct or effectiveness of monetary policy. "} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4051", "label" : {"_value" : "Biography information for John Glen"} } , "answeringMemberConstituency" : {"_value" : "Salisbury"} , "answeringMemberPrinted" : {"_value" : "John Glen"} , "dateOfAnswer" : {"_value" : "2021-09-20", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2021-09-20T15:10:09.343Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2021-09-14", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Small Businesses: Finance"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of extending the Bank of England's Term Funding Scheme for SMEs beyond it's planned expiry date of October 2021.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4856", "label" : {"_value" : "Biography information for Stephen Farry"} } , "tablingMemberConstituency" : {"_value" : "North Down"} , "tablingMemberPrinted" : [{"_value" : "Stephen Farry"} ], "uin" : "49306"} , {"_about" : "http://data.parliament.uk/resources/1355350", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1355350/answer", "answerText" : {"_value" : "
The "SME supporting factor\u201d, allows firms to apply a discount (ranging between 15% and 24%) to risk weightings for qualifying exposures to SMEs.<\/p>
<\/p>
This measure was introduced by the EU and deviates from internationally agreed Basel standards.<\/p>
<\/p>
The recent Financial Services Act 2021, passed in May, delegated responsibility for the implementation of capital requirements relating to the international Basel standards to the Prudential Regulation Authority (PRA). This is subject to an enhanced accountability framework, which requires the PRA to consider the impact of their rules on the ability of firms to provide finance to the UK economy (including SMEs) on a sustainable basis in the medium and long-term.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4051", "label" : {"_value" : "Biography information for John Glen"} } , "answeringMemberConstituency" : {"_value" : "Salisbury"} , "answeringMemberPrinted" : {"_value" : "John Glen"} , "dateOfAnswer" : {"_value" : "2021-09-20", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2021-09-20T15:11:41.673Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2021-09-14", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Small Businesses: Finance"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, whether he is planning to extend the SME Supporting Factor beyond 2022 to maintain lending capacity and businesses' access to finance.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4856", "label" : {"_value" : "Biography information for Stephen Farry"} } , "tablingMemberConstituency" : {"_value" : "North Down"} , "tablingMemberPrinted" : [{"_value" : "Stephen Farry"} ], "uin" : "49307"} , {"_about" : "http://data.parliament.uk/resources/1256385", "AnsweringBody" : [{"_value" : "Department for Business, Energy and Industrial Strategy"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1256385/answer", "answerText" : {"_value" : "
Local Authorities were provided with initial guidance on 24 March 2020 regarding the eligibility and distribution of the Small Business Grant Fund.<\/p>
<\/p>
Under the Small Business Grant Fund, all business hereditaments which were on 11 March in receipt of either the Small Business Rates Relief or the Rural Rates Relief in the business rates system were eligible for a payment of £10,000. Eligible recipients were entitled to receive one grant per qualifying hereditament.<\/p>
<\/p>
Local Authorities were responsible for determining eligibility for the Small Business Grant Fund in line with the guidance provided to them.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4336", "label" : {"_value" : "Biography information for Lord Callanan"} } , "answeringMemberPrinted" : {"_value" : "Lord Callanan"} , "dateOfAnswer" : {"_value" : "2020-12-11", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2020-12-11T14:11:44.373Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "201"} , "answeringDeptShortName" : {"_value" : "Business, Energy and Industrial Strategy"} , "answeringDeptSortName" : {"_value" : "Business, Energy and Industrial Strategy"} , "date" : {"_value" : "2020-11-27", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Small Businesses: Finance"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask Her Majesty's Government whether they provide local authorities with (1) guidance, or (2) obligations, in relation to funding provided by the Small Business Fund; and if so, whether the funding provided by Harrogate Council to the Harrogate Conservative Association is in line with any such guidance or obligations.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4151", "label" : {"_value" : "Biography information for Lord Willis of Knaresborough"} } , "tablingMemberPrinted" : [{"_value" : "Lord Willis of Knaresborough"} ], "uin" : "HL10841"} ], "itemsPerPage" : 10, "next" : "http://eldaddp.azurewebsites.net/answeredquestions.text?_page=1&hansardHeading=Small+Businesses%3A+Finance", "page" : 0, "startIndex" : 1, "totalResults" : 26, "type" : ["http://purl.org/linked-data/api/vocab#ListEndpoint", "http://purl.org/linked-data/api/vocab#Page"]} }