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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 Bill Esterson Bill Esterson Shadow Minister (Business, Energy and Industrial Strategy), Shadow Minister (International Trade) 2:08 pm, 25th March 2020

I will read out what Barclays is saying to businesses about personal guarantees:

“Loans will need to have a director’s guarantee, or in the case of partnerships and sole traders, you will be personally liable”.

If a person’s only asset is their home, pledging it and being liable amount to the same thing. Will the right hon. Gentleman deal with that problem? That quote was read to me by a person from a company that will now have to lay off its staff and close, and so will not be eligible for the furlough scheme. This will hit workers as well as businesses.