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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 Bill Esterson Bill Esterson Shadow Minister (Business, Energy and Industrial Strategy), Shadow Minister (International Trade) 7:17 pm, 17th March 2020

The amount of money announced for the loan guarantee scheme is a massive sum, but will businesses want to be saddled with debt when they have no income and no means of paying it back? Previous loan schemes were poorly taken up because the banks ignored the guarantee part of the scheme, so how will the Chancellor make sure that the loan guarantee scheme is delivered by the banks at the scale and speed needed?