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Economic Update

Part of the debate – in the House of Commons at 7:17 pm on 17th March 2020.

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Photo of David Mundell David Mundell Conservative, Dumfriesshire, Clydesdale and Tweeddale 7:17 pm, 17th March 2020

I was very pleased this evening when Nicola Sturgeon confirmed to me promptly that every penny of the likely £1.9 billion that the Scottish Government will receive as a result of today’s announcement will go directly to businesses and individuals. It is very important that we have that common approach across the United Kingdom from Governments, but it is also important that we have a common approach from banks. The Chancellor has referenced the banks in relation to his loan and grant schemes, but many businesses have existing loan arrangements with the banks. What confirmation does he have from the banks that they will not seek to change those arrangements or to take advantage of the situation where people may be able to get Government money to repay those loans?