The Economy

Jim Shannon Excerpts

Monday 27th April 2020 Commons Chamber

[Mr Speaker]

Who would have thought? I call a virtual Jim Shannon.

[Jim Shannon (Strangford) (DUP) [V]]

Thank you very much, Mr Speaker. I am here virtually, but at a distance.

I thank the Chancellor for all he has done, is doing and will do in the future. Some in the hospitality sector, in particular private bus companies, do not have premises and fall just outside the present small business support scheme. Will the Chancellor agree to extend the scheme? Similarly, the coronavirus bank loan scheme has had 36,000 applications, but only 16,000 have been approved. Will the Chancellor ramp up underwriting cover from 80% to 100%, as other countries have been doing?

[Rishi Sunak]

What I would say to the hon. Member is that the new bounce-back loan scheme announced today does come with a 100% guarantee for loans of 25% of turnover up to £50,000. Given the structure of the Northern Irish economy that he knows so well, which is full of microbusinesses, I believe that that in particular will be a very significant intervention that will help the Northern Ireland economy.