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Financial and Social Emergency Support Package

Part of the debate – in the House of Commons at 2:08 pm on 25th March 2020.

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Photo of Jesse Norman Jesse Norman The Financial Secretary to the Treasury 2:08 pm, 25th March 2020

I am grateful to the hon. Lady for raising that point. I will look into the question of whether there should be any relation between business loans; I am certainly not aware of one myself. It ought to be possible for people to claim business loans as she has described. As regards the business interruption loan scheme, borrowers are not required to pledge their house, but there may be some requirement for personal guarantees of other kinds, which is what one would expect, and which will open up lending in other ways. The Economic Secretary is very engaged on this issue. There are 40 lenders involved, so ironing out the guidance with all of them, to ensure a consistent picture, has not been the most straightforward thing one could imagine.