The Enterprise Finance Guarantee Scheme was established to ensure that struggling businesses were given the support they needed during the banking crisis of 2008-09. It was designed so that banks could apply for financial support to ensure that businesses could afford daily running costs.
However, this scheme was misused by banks such as the Royal Bank of Scotland. Some businesses is Delyn were mis-sold this scheme in what appears to be a deliberate attempt to profiteer at someones loss. Perfectly good businesses that employed people in our constituency were run into the ground by financial institutions who wanted to make a quick buck.
A campaign has been ongoing for years to try and hold those with power and influence in banking to account for their actions. I wanted the Minister to provide an answer as to what discussions she will have with the Treasury to ensure that the scheme is properly regulated. She has promised to write an in-depth response which I eagerly await.
Offshore wind farming is a huge success story for North East Wales. Mostyn benefits hugely from the offshore wind farm in the Irish Sea and Mersey Bay area. That is why I wanted the Minister to provide assurances that our offshore wind farms will receive their fair share of funding going forward.
I was disappointed to hear the Minister make no concrete promises that we would see our fair share. But I will continue to press for our funding.
Following the news on Monday that PSA, the French company which owns Peugeot and Citroen, had agreed a deal with General Motors for the rights to Vauxhall and Opel, an Urgent Question was requested by Justin Madders MP regarding the future of the UK plants.
As you know I have also written to the Secretary of State for Business, Energy and Industrial Strategy, but I wanted to press home the importance of the Ellesmere Port plant for North East Wales. Many people work at the plant, but more than that many businesses form part of the supply chain for the plant. Meaning that many hundreds of jobs are linked, both directly and indirectly, with the success of Ellesmere Port.
I asked the Minister a two-part question. First, would he promise to work closely with the Welsh Assembly Government in securing a long and healthy future for Ellesmere Port. Second, would he promise the House that our car manufacturing industry will retain tariff free access to the Single Market so that we can sell our cars to Europe without barriers.
The Minister answered only one of my questions. He promised to work closely with the Welsh Assembly Government. But it was glaringly obvious that he did not want to answer the question about tariff free access. I believe it is vitally important for the country as a whole, if not certain sectors of our economy, to retain access to the Single Market. It means that there are less barriers to trade, which mean businesses have more money for jobs. Any barrier to trade will make us poorer.
I was disappointed with the Secretary of States answer, but I will continue to press, along with my colleague Justin Madders MP, for the future of our local economy.