Oral Answers to Questions

Owen Thompson Excerpts

Tuesday 10th November 2020 Commons Chamber

[Peter Grant (Glenrothes) (SNP)]

What discussions he has had with the Chancellor of the Exchequer on increasing support to businesses affected by the covid-19 outbreak.

[Owen Thompson (Midlothian) (SNP)]

What discussions he has had with the Chancellor of the Exchequer on increasing support to businesses affected by the covid-19 outbreak.

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

The Department has engaged regularly with the Chancellor and other partners across the devolved Governments, including in Scotland, since the beginning of the covid-19 outbreak to make sure that businesses have the right information, guidance and support that they need.

--- Later in debate ---

[Owen Thompson]

While I welcome the extension of the furlough, albeit belatedly, I would suggest the next step to repair mistakes made in handling the pandemic for businesses is to look at the failures within the business interruption loan schemes, which I outlined in a debate in this Chamber last week. Many companies are not taking on CBILs or BBLS loans, because having more debt around their necks is the last thing they need just now. Has the Minister carried out any analysis of the potential effects of offering businesses grants, rather than loans?

[Kwasi Kwarteng]

The provision of credit, as I have suggested to some of the hon. Gentleman’s colleagues, has been very generous during this covid-19 period. Obviously, we can refine the process and we are very open to listening to ideas from hon. and right hon. Members about how we can do that. I would like to point out that, last year, in his constituency of Midlothian, we issued something like £49 million-worth of credit. Many of the companies in his constituency have been very grateful and very happy to receive that money.