Covid-19: Economic Package

Part of the debate – in the House of Commons at 12:32 pm on 12th May 2020.

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Photo of Rishi Sunak Rishi Sunak The Chancellor of the Exchequer 12:32 pm, 12th May 2020

As well as the furlough scheme, the Government have provided direct cash support to businesses in the form of cash grants or tax cuts, and allowed them to defer taxes such as VAT. We have also provided them with access to discounted and attractive loans to ease cashflow. I believe that in sum that represents a considerable amount of support for business, and we have now stretched and extended the furlough scheme to cover eight months. Sitting alongside the plan that the Prime Minister outlined, that will provide businesses with a generous and sufficient amount of time to help bring their employees back to work. Indeed, they will also benefit from the part-time flexibility to ramp up their operations.