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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 Rishi Sunak Rishi Sunak The Chancellor of the Exchequer

The right hon. Member is absolutely right: finance should flow to the industrial base of our country. The investment grade rating, which relates to the corporate financing facility that the Bank of England runs, is important. Because that money is accessed by companies without any additional credit check by the Government, it is right that an investment grade rating is used, to protect the taxpayer. We have taken a flexible and generous interpretation of that, providing companies with the ability to use their bank rating to get access. For those companies for which commercial paper is not the right approach—many of the industrial companies he mentioned—we have a larger coronavirus business interruption loan scheme programme, and I am in conversations with various industry stakeholders to ensure that that is appropriately sized to provide finance to every part of our industrial base.