Oral Answers to Questions

James Davies Excerpts

Tuesday 29th September 2020 Commons Chamber

[Craig Williams (Montgomeryshire) (Con)]

What steps his Department is taking to support businesses during the covid-19 outbreak.

[Dr James Davies (Vale of Clwyd) (Con)]

What steps his Department is taking to support businesses during the covid-19 outbreak.

[The Secretary of State for Business, Energy and Industrial Strategy (Alok Sharma)]

My Department has delivered a wide range of measures as part of the Government’s unprecedented support package. That includes £11 billion in grants supporting almost 900,000 business premises and over £57 billion in loan guarantees to over 1 million businesses across the UK. We have also extended the deadline for the loan schemes to the end of November, ensuring that there is further support for those who need it.

[Alok Sharma]

I agree with my hon. Friend: we need to build back better and build back greener. CCS will be an essential part of the transformation to a low-carbon economy, and it presents an opportunity for the creation of high-value jobs, which we want to see in our country. We have already announced a CCS infrastructure fund of £800 million to deploy carbon capture and storage in at least two industrial clusters over the next decade.

[Dr Davies]

Many businesses in the Vale of Clwyd welcome the measures that the Chancellor announced last week, but some local and regional employers of all sizes still face significant challenges—none more so than Airbus. Will my right hon. Friend recommit to doing all he can to support Airbus and its highly skilled staff at this particularly uncertain time?

[Alok Sharma]

My hon. Friend and other Members are champions for the businesses in their constituencies. Airbus has been discussed with me and other ministerial colleagues. Of course, Airbus is a vital part of UK aerospace. We are currently providing the aerospace and aviation sector with over £8.5 billion of support through the covid corporate financing facility, R&D grants, loan guarantees and export support. We are in regular dialogue with Airbus, to see how we can assist it and its employees.