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Covid-19: Economic Support

Part of Treasury – in the House of Commons on 18th May 2020.

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Photo of Pat McFadden Pat McFadden Shadow Economic Secretary (Treasury)

Thank you, Mr Speaker.

Despite the interventions that the Chancellor has announced, some of our major industrial companies find themselves locked out of the lending scheme for the largest firms—the covid corporate financing facility—because they are not classed as investment grade. These companies support hundreds of thousands of jobs, either directly or through their supply chains, and are often the main employers in the towns and cities where they operate. Will the Government show the same flexibility and urgency in getting finance to these companies, which make up the industrial backbone of Britain, as they have done through the loan scheme for small companies, so that we can retain as much economic capacity as possible through this crisis?