Arcadia and Debenhams: Business Support and Job Retention

Gregory Campbell Excerpts

Wednesday 2nd December 2020 Commons Chamber

[Paul Scully]

It is really important that, as we extend hours for retailers to be able to open up for Christmas, we rip up and peel back on our bureaucracy as well. We must also encourage local authorities to do more such as offering free parking and other such things.

[Mr Gregory Campbell (East Londonderry) (DUP)]

The high street is facing utter devastation in the next few months, unless drastic action is taken.  Will the Minister undertake, in conjunction with the Treasury, to discuss a proposal that I put to the Chancellor three months ago? The banks and building societies are currently sitting on almost £200 billion in current accounts and deposit accounts, paying 0% interest. A 1% voucher would release £2 billion to be spent on the high street only, at no cost to the taxpayer, and would bring a benefit equivalent to that which was seen in Jersey in the summer and which hopefully will be seen in Northern Ireland next month, as a similar voucher scheme is going to be discussed and released there.

[Paul Scully]

It is certainly something that I will ask the Treasury to look at and discuss with me.