The Economy

Matt Western Excerpts

Monday 27th April 2020 Commons Chamber

[Rishi Sunak]

As I hope I have demonstrated over the past six to eight weeks, I am always open to new ideas, whether at home or abroad. I have constantly sought to refine, to improve, to iterate and to respond to circumstances on the ground to make sure that our economic response is as comprehensive and effective as it can be. I can give my hon. Friend an assurance that I will continue to do just that.

[Matt Western (Warwick and Leamington) (Lab)]

Businesses in Warwick and Leamington, much like those across the country, have been burning through cash in recent weeks and have been desperate for a cash injection. I welcome the Chancellor’s announcement today, but does he accept the view of Neel Kashkari, who ran the US federal bail-out programme in 2008-09, that what is critical is getting the money out as quickly and as simply as possible—like the French, who have lent seven times more than the UK, or the Germans, who have lent three times more? Does he accept that we have been too slow and too deliberative?

[Rishi Sunak]

Different countries have done things in very different ways. The hon. Gentleman talked about the US; the US has no equivalent of our furlough scheme, which is probably the most significant economic intervention that we have put in place—it was up and running four weeks after I announced it and is already, as we speak, getting money to businesses to pay wages. He talked about other European countries; there is a range. We have now issued more CBILS loans than the equivalent scheme in Germany.