Economic Update

John Redwood Excerpts

Tuesday 17th March 2020 Commons Chamber

[Rishi Sunak]

I thank the right hon. Gentleman for his constructive attitude, and I look forward to working with him. The loan terms will be interest-free for six months. Because of the liquidity that has been provided by the Bank of England, they will be incredibly cheap, and they will be available on a rolling basis for commercial paper, so they will be loans that are accessible and very valuable to businesses. They will be ready from next week.

[John Redwood (Wokingham) (Con)]

I am delighted that the Chancellor recognises the need for burden-sharing on employment costs in badly affected sectors such as tourism, travel and hospitality, but will he also make sure that there is a package for the self-employed, because some of those people are losing a large amount of their business, too?

[Rishi Sunak]

My right hon. Friend has written about the importance of employment support, and I look forward to getting his thoughts on those measures.