Alison Thewliss
Main Page: Alison Thewliss (Scottish National Party - Glasgow Central)Department Debates - View all Alison Thewliss's debates with the Department for Transport
(4 years, 5 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Rishi Sunak
The right hon. Member is absolutely right: finance should flow to the industrial base of our country. The investment grade rating, which relates to the corporate financing facility that the Bank of England runs, is important. Because that money is accessed by companies without any additional credit check by the Government, it is right that an investment grade rating is used, to protect the taxpayer. We have taken a flexible and generous interpretation of that, providing companies with the ability to use their bank rating to get access. For those companies for which commercial paper is not the right approach—many of the industrial companies he mentioned—we have a larger coronavirus business interruption loan scheme programme, and I am in conversations with various industry stakeholders to ensure that that is appropriately sized to provide finance to every part of our industrial base.
Alison Thewliss (Glasgow Central) (SNP) [V]
Research by the Chartered Institute of Personnel and Development today released today has found that participants in the furlough scheme would otherwise have made up to 35% of their workforce redundant, rising to half the workers in hospitality, where the uptake of the scheme is particularly high at about 80%. Hospitality and tourism were first out and will be last back. Many of these companies have no income and are building up debt, and may feel compelled to sack workers if they are asked to pay more by the Government at the end of July. How does the Chancellor intend to prevent this and to support this part of the economy in the months ahead?
Rishi Sunak
It is precisely the retail, hospitality and leisure sector that has received the most direct fiscal support from the Government through cash grants of £10,000 or £25,000 and a business rate holiday for the entire year—well beyond the point of reopening. That represents significant support, and the extension of the furlough scheme through to October gives those companies enough of a runway to grow back into a safe space.