Economic Update

Derek Thomas Excerpts

Tuesday 17th March 2020 Commons Chamber

[Rishi Sunak]

I very much hope that the businesses that are looking at the range of measures outlined today will see that there is significant financial support for them, whether that is business rate holidays, direct cash grants or access to incredibly low-cost and accessible financing. The combination of all those measures, on top of the compensation we will pay to small and medium-sized businesses for statutory sick pay, is a significant direct fiscal support for businesses up and down our country to protect people’s jobs.

[Derek Thomas (St Ives) (Con)]

Life and the economy on the Isles of Scilly are particularly fragile. To give a quick example, a passenger boat operator who needs to provide a service for the whole of the islands but relies on tourism tells me that he has five weeks left in business. What can the Chancellor do to help businesses and the community on the Isles of Scilly?

[Rishi Sunak]

My hon. Friend is right to highlight the particular issues that his remote communities face. I believe the measures announced today, whether on business rates or direct cash grants, will make an enormous difference to local businesses in his constituency.