Economic Update

Kevin Hollinrake Excerpts

Tuesday 17th March 2020 Commons Chamber

[Rishi Sunak]

My right hon. Friend the Chief Secretary is talking to all Departments about the resources that they require to get through these challenging few months.

[Kevin Hollinrake (Thirsk and Malton) (Con)]

I warmly welcome this package of support for small businesses, which has been warmly welcomed by a number of businesspeople who have already contacted me. The business interruption loan scheme is a key part of this, but some lenders cannot access that scheme because they are not registered with the British Business Bank, and it would take months for them to do so. Will the Chancellor act now to ensure that all lenders can access that scheme?

[Rishi Sunak]

I thank my hon. Friend for his comments. He is right: we want this scheme to be available through as many branches and outlets as possible. We are urgently working with the Prudential Regulation Authority to see whether we can onboard new providers at pace. He will understand that there are regulatory requirements, but we are seeing what we can do to speed that up.