Covid-19: Public Wealth Investment Fund

Debate between Lord Hussain and Lord Agnew of Oulton

Tuesday 9th June 2020 Lords Chamber

[Lord Agnew of Oulton [V]]

There are two parts to that question. First, on 20 May, we announced the future fund of an initial £250 million for co-investment with businesses. There has been enormous interest in that; some 460 applications have been made up to the end of May. On the noble Lord’s reference to overindebted companies, we have to deal with the issue that the shareholders and management of those companies have contributed to that problem. They need to resolve the substantial concessions that they will have to make to their own equity, and to the lenders who have lent—and possibly overlent—to these businesses. There are two separate strands to this, but both will be active in future.

[Lord Hussain (LD) [V]]

My Lords, the Government have put millions of pounds aside to help businesses struggling due to Covid-19. How do the Government monitor the take-up of these funds by black and minority-ethnic businesses?

[Lord Agnew of Oulton [V]]

I will have to write to the noble Lord to provide specific information on that.