The Economy

Part of the debate – in the House of Commons at 3:22 pm on 8th July 2020.

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Photo of Steve Barclay Steve Barclay The Chief Secretary to the Treasury 3:22 pm, 8th July 2020

As the hon. Gentleman knows, the Chancellor addressed that issue in his statement earlier. Indeed, he wrote to the industry in March setting out the terms on which Government support would be offered, including the requirement for firms first to look at what support they could receive from their own commercial backers and shareholders. On individual firms, what discussions take place is a matter of commercial confidentiality, but the Chancellor indicated both his engagement in that issue and that of the Secretary of State for Transport.

All in all, the United Kingdom’s economic response to covid is one of the most comprehensive and generous of any Government’s in the world. The past few months have been hard for everyone, particularly the many families whose loved ones have lost their lives. But thanks to our collective grit and determination, the tide was turned and the infection rates fell, and we are now in a position to reopen our economy in a way that is safe to do.