Covid-19: Self-employed

Lord Flight Excerpts

Thursday 23rd April 2020 Lords Chamber

[Lord Agnew of Oulton]

My Lords, delivering a scheme for the self-employed is a difficult operational challenge, particularly in the rapid timescale required. The Government’s priority is to get support to those who need it as quickly as possible, in the fairest way. The design of the scheme, including the £50,000 threshold, means that it is targeted at those who need it most, and who are most reliant on their self-employment income. Some 95% of those who are mostly self-employed will benefit; those who do not meet the eligibility criteria for the SEISS may have access to a range of other support, including the more generous universal credit and deferral of tax schemes. I hope to address the dividend points in answer to a separate question.

[Lord Flight (Con)]

My Lords, will the Government give greater priority to speeding up the provision of financial assistance to SMEs, in particular through the new future fund?

[Lord Agnew of Oulton]

My Lords, the Government are making sure that people and businesses have access to the support they need as quickly as possible. We have tried to design measures that can be made operational quickly and effectively. Lenders have increased the number of loans they are approving every day and staff are working to process applications as quickly as possible. Over 12,000 CBILS loans have been made to businesses so far, meaning benefits of some £2 billion in finance and the rate of approvals is accelerating.