Economic Outlook and Furlough Scheme Changes

Part of the debate – in the House of Commons at 12:39 pm on 16th June 2020.

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Photo of Jesse Norman Jesse Norman The Financial Secretary to the Treasury 12:39 pm, 16th June 2020

We do not know how much worse this will be than the 2007-08 crash, if indeed it is worse, and over what period of time we are talking about. We can be more precise about the causation, because the crash was caused by overleveraging in the banking sector and so the UK was hit harder by the crisis than other countries as a result. That was a result of Government inaction. We have touched on the position of people in the creative sectors and there is not much more I can add in the time available, but I am very supportive of the situation and we are trying to assist them.