Oral Answers to Questions

Kevin Hollinrake Excerpts

Wednesday 2nd September 2020 Commons Chamber

[The Prime Minister]

As the right hon. Gentleman knows, there are a great number of schemes in addition to the job retention scheme that support people in work in all sorts of sectors—the coronavirus loans, the bounce-back loans, and the grants that we have made to businesses of all kinds. He mentions the tourism and hospitality sector, and we have made huge investments in those, including the very successful eat out to help out scheme that we have been running. But it is also very important that we get people back into the workplace in a covid-secure way and, unlike the Leader of the Opposition, we do everything we can to give them confidence that it is a good idea to go back. An ounce of confidence is worth a ton of taxpayers’ money.

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

The bounce-back loan scheme has been a huge success, delivered by the Prime Minister and, indeed, the Chancellor, with 1.3 million loans being granted in vital support for small and medium-sized enterprises. The all-party parliamentary group on fair business banking, which I co-chair, has established that 250,000 businesses who currently bank with FinTechs and alternative lenders do not have access to those loans because they cannot get access to the Bank of England’s term funding scheme, and lenders who do have those loans are not accepting loan applications from new customers. Will the Prime Minister use his best offices to persuade the Governor of the Bank of England to open up the term funding scheme to those alternative finance organisations or open the doors of other lenders who can provide those loans to other SMEs?

[The Prime Minister]

I thank my hon. Friend, who raises an important point. As he will know, the rules around access to schemes for alternative finance are not the responsibility of my right hon. Friend the Chancellor, but of the Bank of England. I am sure the Governor will have heard my hon. Friend today.