Oral Answers to Questions

Peter Bone Excerpts

Wednesday 22nd April 2020 Commons Chamber

[Dominic Raab]

I thank the right hon. Gentleman but, as I made clear in my earlier answer, we want to make sure we provide support to those who need it most. I would respectfully suggest that a universal approach, uniform and without reference to need, income or the most vulnerable in our society, is not the way to achieve it. Our plan is one of the most extensive in the world. It makes sure that workers receive 80% of their salary up to £2,500. We have already extended that to June.

We have made other forms of support available for those who do not qualify; the right hon. Gentleman talked about the self-employed and others who may not fall within the criteria of the scheme. I have made it clear that the increases to universal credit and the working tax credit basic rate, the mortgage holidays and the energy bill deferrals are the way to have a focused approach that targets resources at those who need them most and allows our economy as a whole to pull through this coronavirus.

[Mr Peter Bone (Wellingborough) (Con) [V]]

At this time of national emergency, many people are being forced to use their bank overdrafts, yet the banks are charging 20% interest per year, which they are going to increase to 40% in July. At the same time, they are offering savers a pathetic interest rate of 0.1%. Yet these are the same banks that were saved by billions and billions of pounds of taxpayers’ money. What on earth is going on? When are the banks going to act in the national interest? Acting—[Interruption.]

[Mr Speaker]

I think the hon. Gentleman has been cut off in his prime. If the First Secretary can get the best out of that, we will all benefit.