Covid-19: Business Interruption Insurance

Lord Hunt of Kings Heath Excerpts

Tuesday 17th March 2020 Lords Chamber

[Baroness Barran]

The noble Lord is quite right. Across government we are trying to understand the challenges that business is facing, which is why all Ministers are in regular, frequent conversations with the key stakeholders they represent. I referred to the package of measures in the Budget, but we know that given the scale and speed of this epidemic we need to do more and we need to do it quickly, which is why the Chancellor will be addressing the other place with a package of measures at 7 pm today.

[Lord Hunt of Kings Heath (Lab)]

My Lords, earlier today in the other place, during a debate on finance, it was said that Ministers in the Treasury would be meeting the insurance industry this morning, I think. The Minister said that lines of communication are open, but what is the nature of the discussions with the industry? Are the Government telling the insurance industry that it needs to refocus its effort on supporting its customers or, as the noble Lord, Lord Clement-Jones, suggested, will they underpin these businesses with, in essence, their own insurance policy?

[Baroness Barran]

To be clear—the noble Lord will appreciate this—the discussions are across many industries, and this industry is critical. There is something about stitching those different conversations together in terms of the overall package. On the approach, we are trying to sequence the priority issues, of which cash flow seems to be perhaps the most pressing in the short term, but I do not want to—and cannot—anticipate exactly what my right honourable friend the Chancellor will say this evening.