Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to the covid-19 outbreak, whether he has plans to review the regulations of the Consumer Credit Act 1974 to allow (a) businesses and (b) financial providers to negotiate the terms of loans.

The Government is committed to doing whatever it takes to get our nation through the impacts of COVID-19 and, as part of this, is continually assessing ways of supporting the financial sector, where evidence shows that interventions are required. This includes the Consumer Credit Act 1974. The Government is working closely with the Financial Conduct Authority (FCA) and the financial sector on this issue to assess whether further action is necessary.