Oral Answers to Questions

Owen Thompson Excerpts

Tuesday 16th June 2020 Commons Chamber

[The Minister for Business, Energy and Clean Growth (Kwasi Kwarteng)]

The Department is aware of several projects being considered on rivers and estuaries such as the Wyre, the Duddon, Morecambe bay and the Solway firth, and we have had frequent contacts with developers. We remain open to considering well-developed, well-considered projects that can demonstrate strong value for money alongside other renewable generation.

[Owen Thompson (Midlothian) (SNP)]

The coronavirus business interruption loan scheme—CBILS —was supposed to offer a lifeline of support to struggling businesses, but it is not reaching those who need it the most. Sky-high interest rates are now being offered by some lenders, and that is making it less of a lifeline and more like picking the bones off desperate smaller firms. Will the Secretary of State press the Chancellor to take action now to stop this unfair profiteering and ensure that businesses pay no more than 2.5% interest, in line with the bounce-back scheme?

[Alok Sharma]

As the hon. Member will know, the latest figures show that over 49,000 loans have been approved, to the value of more than £10 billion. There is a significant number of lenders attached to the CBIL scheme, but if he has specific cases, he should definitely come and talk to me.