§ Mr. HoramTo ask the Chancellor of the Exchequer if he will amend the Financial Services Act 1986 to permit small tranches of capital to be raised for(a) high technology and (b) other SMEs. [20962]
§ Mrs. Liddell[holding answer 15 December 1997]: The aim of the Financial Services Act 1986 is to give people the protection and the assurance that they need to have confidence to invest. The Government are mindful of the need to ensure that, in doing this, adequate attention is paid to the costs of compliance and to the need to allow sensible market developments.
The Government are aware of the particular financing needs of high technology firms and small to medium sized enterprises. To this end, my hon. Friend the Paymaster General has recently convened a high level group of industry and government experts to provide early advice on the regulatory and fiscal climate affecting the financing of high technology firms.