Covid-19: Business Interruption Insurance

Lord Forsyth of Drumlean Excerpts

Tuesday 17th March 2020 Lords Chamber

[Baroness Barran]

I am more than happy to take the noble Lord’s concerns—and, I am sure, those of others in the House—back to the department. What we are trying to balance here is speed, which the noble Lord rightly focuses on, and clarity, which businesses also want. We all hope that we will get more of that from the Chancellor later today.

[Lord Forsyth of Drumlean (Con)]

My Lords, businesses do not need clarity, they need cash. There is an absolute need for the Government to make it clear that they will change the regulations that prevent the banks providing the support that is needed. I am afraid that the Chancellor is going to have to get himself a helicopter. This is a major financial crisis on a scale similar to what we saw following the banking crisis. If the Chancellor is making a Statement to the other place, will we get the opportunity to have a Statement and discuss these issues?

[Baroness Barran]

On my noble friend’s final point about the opportunity to review those issues here, I understand that that will be dealt with through the usual channels as speedily as possible. On the need for cash and the need to change regulations, I think that is the point I was trying to make a few moments ago about how we sequence this. Cash flow appears to be the single most pressing issue, and that is where we are focused.