We have allocated £87 million of the £100 million available under this tranche of the Business Finance Partnership to a portfolio of lenders who each meet the objectives of this programme, and who are also able to demonstrate value-for-money for the taxpayer. Based on terms agreed with the successful applicants the £87 million that has been allocated is expected to mobilise more than £240 million of new lending. The remaining funds available under this tranche of the Business Finance Partnership will be reallocated to investments aimed at supporting SMEs but no final decision has been taken on which channels will be used.

Strategic planning to create awareness for Business in You was managed in-house so no contract was awarded.

The Venture Capital (VC) Catalyst Fund is an extension to the Enterprise Capital Fund programme and is one of the first activities of the new business bank. It will bring forward additional investment for small and medium-sized enterprises (SMEs) by investing in funds that specialise in early stage venture capital and are near to launch. Commitments will be made to funds from June 2013 to March 2015. Guidance for prospective fund managers has been published by Capital for Enterprise Ltd on behalf of the Department for Business, Innovation and Skills, which sets out the criteria and competitive process through which funds will be selected. It is available at:

http://www.capitalforenterprise.gov.uk/files/ECF%20VC%20Catalyst%20Fund%20Guidance.pdf

The Department has received a small number of letters (circa 25) about concerns of small businesses over the recent increases in some of Royal Mail’s parcel postage prices.

The pricing of its services is the direct operational responsibility of Royal Mail. Where those services are regulated, the company has to work within the regulatory framework put in place by the independent regulator, Ofcom. This sets down parameters for the pricing of universal postal services.

Royal Mail recognises that its price increases will not be welcome by some small businesses. However, as a commercial business operating in a competitive market, Royal Mail has to ensure that prices for its services reflect the cost of providing them and that it can continue to keep those services reliable and efficient.

The purpose of the amendment to the Health and Safety at Work Act enacted by this clause is to reduce employer's liability insurance premiums but rather to provide a consistent approach to civil litigation across all health and safety legislation which will be simple for both employers and employees to understand. Employer's liability insurance is often sold as part of a package of insurances required by business and a wide range of factors influence the level of premiums charged, including the amount of activity undertaken by the business and the insurer's experience of the industry sector. Therefore it is not possible to quantify what, if any, impact this amendment will have on premium levels.

I have been asked to reply on behalf of the Department for Business, Innovation and Skills.

The total number of investments made through the Aspire Fund, which co-invests alongside private investors in businesses led by women, was:

(a) 4 investments totalling £210,977,

(b) 4 investments totalling £417,995,

(c) 6 investments totalling £1,201,920,

(d) 5 investments totalling £1,600,000 and

(e) No investments.

The number of inquiries, which also includes applications, is shown in the following table.

The Aspire Fund has recently recruited additional staff to manage new investments in businesses led by women and is open to inquiries from private investors.

I have been asked to reply on behalf of the Department for Business, Innovation and Skills.

The number of officials working on administering the Aspire Fund is as follows:

(a) 1 at this Department,

(b) 0 at other Departments and

(c) 1.5 at Capital for Enterprise Ltd.

On 31 January 2013 the Financial Services Authority announced the findings of their pilot scheme and the agreement by the banks involved to begin the full review process. The banks concerned have committed to completing these reviews within six months. However, the Financial Conduct Authority does not regulate business lending and fixed rate loans therefore cannot be part of the review.

5,003 companies were supported by the Growth Accelerator scheme in its first 10 full months of operation to March 2013.

The Minister for Women and Equalities, the right hon. Member for Basingstoke (Maria Miller), attended the launch of Cranfield’s Female FTSE 100 report and the Lord Davies’ ‘two-year on’ Women on Boards report on 10 April alongside the President of the CBI, Sir Roger Carr, and the Secretary of State for Business, Innovation and Skills, my right hon. Friend the Member for Twickenham (Vince Cable). Both reports highlight progress is being made for female directors on the boards of FTSE 100 companies and the FTSE 250.

The Minister for Women and Equalities discussed with a wide range of stakeholders, including FTSE chairs and members of the 30% Club, the progress being made and what more can be done to accelerate the progress we are already making.

In developing the forthcoming information economy strategy, the Department for Business, Innovation and Skills is considering the impact and opportunities new technologies offer UK businesses. This has included dialogue with the sector about helping companies, understand the opportunities they can access in the fields of big data analytics, cloud computing and the online economy. Following completion of a pilot, we are working with the sector to develop a collaborative programme to encourage small businesses to transact online and make greater use of ICT to drive growth.

As announced in the Budget, the Government intend to provide small businesses in England with £30 million of growth vouchers to help them overcome barriers to growth, which may include the adoption of new technology. No assessment has been made of pricing plans for software licences as these are matters for commercial negotiation. The move to cloud based digital services provides small businesses with an opportunity to reduce capital costs and adopt a pay-as-you-go model.

In developing the forthcoming information economy strategy, the Department for Business, Innovation and Skills is considering the impact and opportunities new technologies offer UK businesses. This has included dialogue with the sector about helping companies, understand the opportunities they can access in the fields of big data analytics, cloud computing and the online economy. Following completion of a pilot, we are working with the sector to develop a collaborative programme to encourage small businesses to transact online and make greater use of ICT to drive growth.

As announced in the Budget, the Government intend to provide small businesses in England with £30 million of growth vouchers to help them overcome barriers to growth, which may include the adoption of new technology. No assessment has been made of pricing plans for software licences as these are matters for commercial negotiation. The move to cloud based digital services provides small businesses with an opportunity to reduce capital costs and adopt a pay-as-you-go model.

In developing the forthcoming information economy strategy, the Department for Business, Innovation and Skills is considering the impact and opportunities new technologies offer UK businesses. This has included dialogue with the sector about helping companies, understand the opportunities they can access in the fields of big data analytics, cloud computing and the online economy. Following completion of a pilot, we are working with the sector to develop a collaborative programme to encourage small businesses to transact online and make greater use of ICT to drive growth.

As announced in the Budget, the Government intend to provide small businesses in England with £30 million of growth vouchers to help them overcome barriers to growth, which may include the adoption of new technology. No assessment has been made of pricing plans for software licences as these are matters for commercial negotiation. The move to cloud based digital services provides small businesses with an opportunity to reduce capital costs and adopt a pay-as-you-go model.

HM Treasury reviews a wide range of data and surveys to inform its assessment of the economy.

In assessing developments in household consumption and consumer confidence, HM Treasury considers a range of indicators alongside official statistics. These include:

Bank of England Agents' Summary of Business Conditions

BRC-KPMG Retail Sales Monitor

Confederation of British Industry (CBI) Distributive Trades Survey

GfK Consumer Confidence Index

Visa Expenditure Index

Similarly, in assessing conditions in the business sector, including business confidence, HM Treasury considers a range of indicators alongside official statistics. These include:

Bank of England Agents' Summary of Business Conditions

British Chambers of Commerce Quarterly Economic Survey

CBI Monthly, Quarterly and SME Industrial Trends Surveys, Service Sector Survey and Financial Services Survey

Construction Products Association State of Trade Survey

Deloitte CFO Survey

EEF-BDO Manufacturing Outlook

KPMG Annual Tax Competitiveness Survey

Markit-CIPS Purchasing Manager Indices (PMI) for manufacturing, services and construction.

The information is as follows:

PQ 152407 and PQ 153117

An estimate of the cost of reducing or scrapping the seven year rule with regards to inheritance tax relief is not available.

PQ 152685

The estimated cost of relief for agricultural and business property is published at:

http://www.hmrc.gov.uk/statistics/expenditures/table1-5.pdf

PQ 152686

An estimate of the cost of the nil rate band for chargeable transfers not exceeding the threshold is not available. The number of estates above the IHT threshold using the nil rate band and the amount of relief claimed by them is published in table 12.2 of the National Statistics, available at:

http://www.hmrc.gov.uk/statistics/inheritance/table12-2.pdf

PQ 152687 and PQ 153039

The number of estates in the UK which were notified for probate but which were not taxed worth £500,000 to £1 million, £1 million to £2 million and over £2 million is published in National Statistics Table 12.3 available from the HMRC website at

http://www.hmrc.gov.uk/statistics/inheritance/table12-3.pdf

The information for Scotland, England, Wales and Northern Ireland is not available.

PQ 152688 and PQ 153100

The revenue forgone from taper relief, quick succession relief and double taxation relief are published in statistics table B1 available from the HMRC website at

http://www.hmrc.gov.uk/statistics/expenditures/table-b1.pdf

The information for Scotland, England, Wales and Northern Ireland is not available. The information for taper relief split into relief at (a) 0%, (b) 20%, (c) 40%, (d) 60% and (e) 80% is not available.

PQ 152745

I refer the hon. Member to my reply to her question of 18 April 2013, Official Report, column 520W.

PQ 152879 and PQ 153101

I refer the hon. Member to my reply to her question of 22 April 2013, Official Report, column 672W.

PQ 153087

The estimated cost of the IHT threshold is published in statistics table 1.5 available from the HMRC website at:

http://www.hmrc.gov.uk/statistics/expenditures/table1-5.pdf

The information is as follows:

PQ 152407 and PQ 153117

An estimate of the cost of reducing or scrapping the seven year rule with regards to inheritance tax relief is not available.

PQ 152685

The estimated cost of relief for agricultural and business property is published at:

http://www.hmrc.gov.uk/statistics/expenditures/table1-5.pdf

PQ 152686

An estimate of the cost of the nil rate band for chargeable transfers not exceeding the threshold is not available. The number of estates above the IHT threshold using the nil rate band and the amount of relief claimed by them is published in table 12.2 of the National Statistics, available at:

http://www.hmrc.gov.uk/statistics/inheritance/table12-2.pdf

PQ 152687 and PQ 153039

The number of estates in the UK which were notified for probate but which were not taxed worth £500,000 to £1 million, £1 million to £2 million and over £2 million is published in National Statistics Table 12.3 available from the HMRC website at

http://www.hmrc.gov.uk/statistics/inheritance/table12-3.pdf

The information for Scotland, England, Wales and Northern Ireland is not available.

PQ 152688 and PQ 153100

The revenue forgone from taper relief, quick succession relief and double taxation relief are published in statistics table B1 available from the HMRC website at

http://www.hmrc.gov.uk/statistics/expenditures/table-b1.pdf

The information for Scotland, England, Wales and Northern Ireland is not available. The information for taper relief split into relief at (a) 0%, (b) 20%, (c) 40%, (d) 60% and (e) 80% is not available.

PQ 152745

I refer the hon. Member to my reply to her question of 18 April 2013, Official Report, column 520W.

PQ 152879 and PQ 153101

I refer the hon. Member to my reply to her question of 22 April 2013, Official Report, column 672W.

PQ 153087

The estimated cost of the IHT threshold is published in statistics table 1.5 available from the HMRC website at:

http://www.hmrc.gov.uk/statistics/expenditures/table1-5.pdf

The information is as follows:

PQ 152407 and PQ 153117

An estimate of the cost of reducing or scrapping the seven year rule with regards to inheritance tax relief is not available.

PQ 152685

The estimated cost of relief for agricultural and business property is published at:

http://www.hmrc.gov.uk/statistics/expenditures/table1-5.pdf

PQ 152686

An estimate of the cost of the nil rate band for chargeable transfers not exceeding the threshold is not available. The number of estates above the IHT threshold using the nil rate band and the amount of relief claimed by them is published in table 12.2 of the National Statistics, available at:

http://www.hmrc.gov.uk/statistics/inheritance/table12-2.pdf

PQ 152687 and PQ 153039

The number of estates in the UK which were notified for probate but which were not taxed worth £500,000 to £1 million, £1 million to £2 million and over £2 million is published in National Statistics Table 12.3 available from the HMRC website at

http://www.hmrc.gov.uk/statistics/inheritance/table12-3.pdf

The information for Scotland, England, Wales and Northern Ireland is not available.

PQ 152688 and PQ 153100

The revenue forgone from taper relief, quick succession relief and double taxation relief are published in statistics table B1 available from the HMRC website at

http://www.hmrc.gov.uk/statistics/expenditures/table-b1.pdf

The information for Scotland, England, Wales and Northern Ireland is not available. The information for taper relief split into relief at (a) 0%, (b) 20%, (c) 40%, (d) 60% and (e) 80% is not available.

PQ 152745

I refer the hon. Member to my reply to her question of 18 April 2013, Official Report, column 520W.

PQ 152879 and PQ 153101

I refer the hon. Member to my reply to her question of 22 April 2013, Official Report, column 672W.

PQ 153087

The estimated cost of the IHT threshold is published in statistics table 1.5 available from the HMRC website at:

http://www.hmrc.gov.uk/statistics/expenditures/table1-5.pdf

Q9

.

[150821]

Tristram Hunt (Stoke-on-Trent Central) (Lab):

On the subject of jobs, last week 21 Tory MEPs voted against the EU emissions trading scheme, meaning that British industry will face much higher energy prices than its European competitors, threatening jobs and investment. When will the Prime Minister get a grip of his party and stand up for British business?