I passionately believe in the potential of Norfolk’s rural economy to play a significant role in helping to rebalance the national economy so we can grow our way out of these tough economic times. But rural businesses often suffer from isolation and struggle to access the support they need. Our high street banks can’t always be relied on to lend. Where else can they go for help with finance, marketing, and other business support?

 

There are, in fact, many sources of information, advice and support – if you know where to look. Information can come from Local Enterprise Partnerships, the Chamber of Commerce, County and District Councils and Local Business Networks, but businessmen and women need to be made aware of them.

 

Many of the market towns and high streets in Mid Norfolk face real challenges as the older local manufacturing businesses and jobs leave. Many of the villages suffer from closing Post Offices and pubs. I believe we can reverse this decline – by putting small businesses back at the heart of local communities. Watton in my constituency has all the hallmarks of a town facing that difficult adjustment. A proud town with a strong business heritage, its high street is struggling and it’s known best these days as the home of Adcocks, the High Street business hit by the bank mis-selling scandal, as profiled by the BBC’s Robert Peston.

 

That’s why I’m campaigning to promote Watton and Wayland as a home of enterprise, and develop and promote local support networks, with the help of the Wayland Partnership, the Chamber and local councillors. We are working on plans for a Watton and Wayland Enterprise Manifesto, a new Enterprise Network, a local Enterprise Directory, and a Work Club and Enterprise Bursary with the local Wayland Academy, pioneering new training for local youngsters.

 

Related to this work, and inspired by Watton entrepreneur, Paul Adcock, is my campaign to get banks to refocus their attention towards supporting a vibrant, rural economy. Over the last twenty years or so something has gone wrong with our banking system. The culture in our small number of big banks seems to have become more interested in trading in complex financial instruments and massive global investment banking at the expense of 'old fashioned' high street banking. The case of Adcocks in Watton profiled by the BBC's Robert Peston is an example of a local business damaged by complex interest rate products sold by their bank is symptomatic of a wider problem. The collapse of the banking boom, the debt crisis and subsequent recession are a wake-up call for the need for a banking system focussed on supporting grass roots saving and local businesses. To drive a sustainable recovery we need vibrant local economies which in turn need local banking.

 

The Government’s forthcoming Banking Reform Bill will implement important measures to separate investment banking from the 'retail' banking. In due course I believe we may need to go further to support local banking by promoting new entrants to the sector and encouraging smaller local banks to be set up. We should also think about other sources of finance for local businesses. I am particularly interested in exploring ideas for new finance models for local businesses, such as micro finance, where people in Norfolk may have the opportunity to invest their savings in successful Norfolk-based businesses.”

 

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