Protection of Jobs and Businesses

Part of the debate – in the House of Commons at 1:11 pm on 9th September 2020.

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Photo of Steve Barclay Steve Barclay The Chief Secretary to the Treasury 1:11 pm, 9th September 2020

I will make some progress.

In addition to our support for businesses, we have provided nearly £40 billion of support through the tax system, with tax cuts, tax deferrals and the time to pay scheme. We have provided direct cash grants of £10,000 and £25,000 for small businesses and an extensive range of loan programmes, including dedicated investments for innovative tech firms through our Future Fund, and 100% Government guaranteed loans for the smallest businesses through the bounce back loan scheme. The shadow Chancellor said that she wanted the Government to listen, and bounce back loans are a good illustration of how the Government listened to concerns and changed the coronavirus business interruption loan scheme to include that additional measure. That scheme has benefited 1.1 million businesses. The House does not need to take just my word for it, because the chief economist at the CBI described the Chancellor as

“standing shoulder to shoulder with small businesses to help them through this crisis.”