Economy Update

Debate between Rebecca Long Bailey and Steve Barclay

Wednesday 16th June 2021 Commons Chamber

[Steve Barclay]

My hon. Friend is absolutely right that businesses will continue to benefit from support. It is about getting the balance right between support for businesses and the cost to the Exchequer. There was 100% support for those businesses last year, and this year it equates to a 75% reduction in their business rates bill across the financial year.

[Rebecca Long Bailey (Salford and Eccles) (Lab) [V]]

Both the Association of Independent Professionals and the Self-Employed and the CBI have this week called for urgent sector-specific support packages; the British Chambers of Commerce and the TUC have urged the extension of the full furlough scheme; and ExcludedUK has reiterated calls to support the millions who have been left without support for over 15 months.

Will the Chief Secretary heed these calls and commit today to outlining urgently updated sector-specific support for industries subject to continuing restrictions, to extending the full furlough scheme for as long as needed and, finally, to ensuring a comprehensive and backdated package of income support for the excluded?

[Steve Barclay]

We have already covered the point that furlough has been extended until the end of September. As I said in my answer only a moment ago, there are specific sectoral support packages in addition to that. At the same time, we need to get the balance right between that and the very considerable cost to the Exchequer—borrowing £200 billion last year and with significant further borrowing this year and next. We need to get the balance right between that level of borrowing and the wider package of support offered.