Coronavirus Business Interruption Loan Scheme

Baroness Laing of Elderslie Excerpts

Thursday 5th November 2020 Commons Chamber

[Owen Thompson]

We have seen a great degree of consensus this afternoon around the important part that the loan schemes have played. There has been recognition of the absolute need for the schemes, but it is almost as important—if not more important—that we take the opportunity to highlight any shortcomings and the challenges ahead. As we look forward, I certainly want there to be as many opportunities as possible to ensure that the debt burden on so many small businesses across our nations does not become the next crisis that ends up tearing the heart out of communities the length and breadth of the country. There also remain countless businesses that are not able to trade in any shape or form in many different industries and sectors. That needs to be addressed.

I thank all Members for their participation in the debate. I suspect that it is an issue that we will return to in the months ahead.

Question put and agreed to.

Resolved,

That this House believes the Coronavirus Business Interruption Loan Scheme is not adequately fulfilling its role for SMEs across the UK; and urges Government intervention to ensure that all businesses are provided with the financial support they need.

[Madam Deputy Speaker (Dame Eleanor Laing)]

In order to allow the safe exit of hon. Members participating in this item of business and the safe arrival of those participating in the next time, I am suspending the House for three minutes.