Economic Update

Tony Lloyd Excerpts

Monday 11th January 2021 Commons Chamber

[Rishi Sunak]

My right hon. Friend is absolutely right, and I have enjoyed my conversations with her on this topic. We want to make sure that people can find new opportunities, which is why we have funded companies with bonuses to take on new apprentices, as well as providing a universal entitlement to a level 3 qualification for the 37% of our adult population that sadly does not have one, and traineeships also provide young people with a start into work experience and then a job interview. Those are the kinds of thing that help people find economic opportunity, and we will make sure that women benefit equally from all of them.

[Tony Lloyd (Rochdale) (Lab) [V]]

Amy Pierce, the director of a small company in my constituency, was doing well until the pandemic. Since then, her turnover has dropped by 40%, but her costs have not. She has now had to lay off her staff, which is massively regrettable. What can the Chancellor say to small businesses like that to assure them that the employment base and the economic base will be there in towns such as Rochdale when the pandemic ends?

[Rishi Sunak]

I am incredibly sorry to hear about the example of the hon. Gentleman’s constituent, which will be mirrored by many others up and down the country. As I said in my statement, the restrictions we have had to put in place have taken a significant economic toll on the country. Hundreds of thousands of people have lost their jobs, and businesses are suffering. We have tried to protect as many as possible. It is not possible to protect all of them, but with the support that we have put in place, I am confident that we are helping many businesses, protecting many people’s incomes and saving many people’s jobs. I hope that his constituent’s business and many others can bounce back strongly once we are through this.