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

My hon. Friend raises an important point. From other parliamentary campaigns he has been closely involved in, I know how much he values best practice in the financial services sector. As a former financial services Minister, I share that objective, which is why I am so grateful for the work he has been doing to ensure that best practice is followed to address the specific issue he brings before the House. Of course, the best thing to enable businesses to pay loans back is to get the economy as a whole motoring. That is why we are redoubling our efforts to get on with that now and why the Prime Minister announced that £5 billion of capital investment will be brought forward as part of giving a boost to businesses, so they can indeed meet the requirements of those loans as they arise.

Our plan supports jobs, creates jobs and protects jobs. That supporting of jobs is really the third component. It includes the announcement of the £2 billion kickstart scheme set out by the Chancellor, which will subsidise hundreds of thousands of high-quality jobs for unemployed young people, allowing young people to gain experience that will improve their chances of going on to find long-term and sustainable work. We are also investing a total of £1.6 billion in scaling up employment support schemes, training and apprenticeships to help those of our constituents who are looking for a job.