Economic Update

Part of the debate – in the House of Commons at 1:03 pm on 8th July 2020.

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Photo of Rishi Sunak Rishi Sunak The Chancellor of the Exchequer 1:03 pm, 8th July 2020

I will not repeat my comments on an ever-extending furlough scheme. I do not think that that is the right thing to do. With regard to grants, we provided grants—£10,000 or £25,000—specifically to businesses in the retail, hospitality and tourism sector, and that is why those businesses did not necessarily have to use loans if they did not want to. They received that support early in this crisis, because we acknowledged the particular difficulty that they would face. The hon. Gentleman referred to the VAT cut, which was one of the significant asks—if not the significant ask—from industry, but there is also the “eat out to help out” discount that will drive tons of businesses and protect millions of jobs.