§ Mr. ColvinTo ask the Chancellor of the Exchequer when the Nelson review of finance for smaller businesses will be complete; and if he will make a statement.
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§ Mr. NelsonI expect my industrial finance initiative programme of visits to business people around the country to be completed by the middle of next year.
§ Mr. ColvinTo ask the Chancellor of the Exchequer if he will publish the terms of reference for the Nelson review of finance for smaller businesses.
§ Mr. NelsonMy right hon. and learned Friend the Chancellor of the Exchequer has asked me to examine current sources of funding for industry, with the aim of identifying whether there are any market imperfections or regulations that inhibit or distort the flows of finance, and, if there are, to consider how present arrangements can be improved.
There are no formal terms of reference for the industrial finance initiative, but it will look at the strategic role that financing plays and examine the scope for new approaches. In particular, I will be examining the financing of small to medium-sized enterprises. The intention is to improve the financial climate for business and to inform the consideration of public policies that bear on the provision of finance for industry.