Oral Answers to Questions

Margaret Ferrier Excerpts

Tuesday 7th July 2020 Commons Chamber

[Dave Doogan (Angus) (SNP)]

What steps he is taking to support the economy during the covid-19 outbreak.

[Margaret Ferrier (Rutherglen and Hamilton West) (SNP)]

What steps he is taking to support the economy during the covid-19 outbreak.

[The Chancellor of the Exchequer (Rishi Sunak)]

The Government have taken unprecedented steps to keep as many people as possible in their existing jobs, support viable businesses to stay afloat and protect the incomes of the most vulnerable. We are now carefully and safely reopening our economy.

--- Later in debate ---

[Rishi Sunak]

I have said previously that, although we have not been able to help everyone in exactly the way that they would have liked, I am confident that the breadth and scale of the interventions we have provided ensures that everyone is able to access some support. We have also strengthened our security net, with welfare through universal credit, among other things, and our self-employment scheme remains one of the most comprehensive and generous anywhere in the world.

[Margaret Ferrier [V]]

The economic impact of coronavirus has not been distributed evenly across the UK economy, yet the Scottish Government have extremely limited borrowing powers to stimulate demand and aid recovery in key sectors. A one-size-fits-all approach should no longer be the norm. Will the Chancellor bring forward the review of the fiscal framework, lift the caps on borrowing and give the Scottish Government the tools that they need to invest in Scotland’s future?

[Rishi Sunak]

My right hon. Friend the Chief Secretary to the Treasury is in constant dialogue with his counterpart, the Finance Minister in Scotland, on these issues, but the people of Scotland are able to benefit from the strong measures that we put in place for the entire United Kingdom. Whether it be our loan schemes or, indeed, our furlough scheme, everyone in every part of this country is able to benefit.

--- Later in debate ---

[Rishi Sunak]

My hon. Friend is absolutely right: young people are more likely than not to work in affected sectors and more likely than others to be furloughed, and we know from all the evidence that the impact of scarring on young people is very significant, which is why they remain uppermost in my mind. I give my hon. Friend the reassurance that they will be prioritised as we think about our recovery and our labour-market interventions.

[Margaret Ferrier (Rutherglen and Hamilton West) (SNP) [V]]

The Tea Bay in Cambuslang in my constituency responsibly took out business-interruption insurance, including cover for notifiable diseases. The one time it has had to claim is during the coronavirus pandemic, but that claim has been refused because covid-19 is not on the list of notifiable diseases.Many other businesses have found themselves in the same position and understandably feel frustrated that insurers have not helped them in their time of need. What discussions is the Treasury having with the Financial Conduct Authority to remedy this situation?

[The Financial Secretary to the Treasury (Jesse Norman)]

As the hon. Lady will know, the Treasury is in constant communication with the FCA on these and other issues. If she would like to bring the specific details to my attention, I will make sure that they are examined by Ministers.