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Coronavirus: Employment Support

Part of the debate – in the House of Commons at 10:30 am on 19th March 2020.

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Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury 10:30 am, 19th March 2020

My hon. Friend refers to the loans. I was meeting the banks last night to make sure that these loans are accessible. The criteria for issuing them are based on the solvency of businesses prior to this crisis arising. It is absolutely clear that the banks see they have a massive responsibility to make this scheme work. That term sheet is being finalised; it may already have been finalised this morning. The banks are now working on making sure that that will be available through all their call centres and branches. He makes the suggestion of a supplementary measure, and we are looking at these things very carefully.