Covid-19: Economy Update Debate

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Department: HM Treasury

Covid-19: Economy Update

Laura Trott Excerpts
Thursday 22nd October 2020

(3 years, 6 months ago)

Commons Chamber
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Rishi Sunak Portrait Rishi Sunak
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I thank the hon. Gentleman for his comments. He is right and I can appreciate the confusion. We try to do things on a UK-wide level, but obviously not everything will be on that level. I cannot give him a precise figure, because these are demand-led schemes. What we have tried to do is provide upfront funding guarantees in advance of that demand being drawn down in England and the Barnett consequentials being delivered. We true those up on a regular basis—I am happy to write to him with further details—but we try to provide the funding to Wales, Scotland and Northern Ireland in advance of that demand actually occurring in England. I think that is a better and more generous approach for the devolved nations.

Laura Trott Portrait Laura Trott (Sevenoaks) (Con)
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I welcome the Chancellor’s statement. Keeping a link to viable jobs is absolutely crucial, so does my right hon. Friend agree that it is better to keep businesses open and functioning where possible with support, rather than locking down nationally, multiple times?

Rishi Sunak Portrait Rishi Sunak
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My hon. Friend is absolutely right. When I talk to both businesses and employees, they say that what they want is to be able to go to the jobs they love. They want to be able to do that. They want to be able to serve customers and they want to be able to welcome us all back to their restaurants, pubs, cafés and so on. She is right that we have to strike that balance. I think the approach that the Government have taken does that—it strikes that balance. The support we have put in place today will enable as many of those people to remain in their job working hard and hopefully have a fulfilling future to come.