Covid-19: Small Businesses
Debate between Lord Shinkwin and Lord Callanan(3 years, 10 months ago)
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Lord Callanan (Con)
Rural areas are badly affected, as indeed are city areas. Like other SMEs, rural businesses can access support including loan guarantees, business grants and the tax deferrals I referred to. Those needing advice can now access free advice on the right finances from local government-backed growth hubs, which are part of the LEPs. But I totally accept the point made by the noble Baroness.
Lord Shinkwin (Con)
My Lords, given that the OBR has warned that the UK economy will shrink by 11.3% this year—the biggest fall for 300 years—and that unemployment will peak in the second quarter at 7.5%, and given that the Chancellor said in his recent spending review that we are facing an “economic emergency”, will the Minister agree with me that, as soon as we possibly can, we need to shift the focus from saving lives to saving livelihoods and thereby signal our support to small business people across the UK?
Lord Callanan (Con)
I agree with my noble friend that, as soon as we possibly can, we need to lift these restrictions to get the economy moving again, but we are indeed facing a public health emergency at the moment, as he has said.