Oral Answers to Questions

Peter Gibson Excerpts

Tuesday 15th September 2020 Commons Chamber

[Gerald Jones (Merthyr Tydfil and Rhymney) (Lab)]

What assessment he has made of the financial effect of the covid-19 outbreak on people who were not eligible for either the coronavirus job retention scheme or the self-employment income support scheme; and if he will make a statement.

[Peter Gibson (Darlington) (Con)]

What steps his Department is taking to support self-employed people affected by the covid-19 outbreak.

[Chi Onwurah (Newcastle upon Tyne Central) (Lab)]

What assessment he has made of the financial effect of the covid-19 outbreak on people who were not eligible for either the coronavirus job retention scheme or the self-employment income support scheme; and if he will make a statement.

--- Later in debate ---

[Rishi Sunak]

As I have said from this Dispatch Box, we have not been able to help absolutely everyone in the exact way that they would have liked, but that does not mean that support is not available. Through considerable increases to universal credit and local housing allowance, we have provided support to the most vulnerable. Through measures such as mortgage holidays, which one in six mortgage customers have taken up in the past few months, we have ensured that everyone, one way or another, can access some degree of Government support.

[Peter Gibson]

Over £33 million of bounce back loans have been granted to businesses in Darlington, but many businesses in my constituency bank with new start-up, online and challenger banks and have faced some issues with accessing bounce back loans. What steps is the Treasury taking to assist with access to bounce back loans for those who need them?

[Rishi Sunak]

My hon. Friend raises an important point, and we recognise the vital role that alternative lenders can play in providing finance to SMEs. We continue to work with them and the sector to see what more we can do. As he recognises, the bounce back loan scheme has proved enormously successful, and so far we have accredited 28 bounce back lenders, who have provided loans to more than 1 million businesses. In the first instance, I urge businesses in my hon. Friend’s constituency to look online at one of those 28 lenders, and see whether they can provide the loans that that business requires.