Lockdown: Economic Support

Part of the debate – in the House of Commons at 12:39 pm on 3rd November 2020.

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Photo of Steve Barclay Steve Barclay The Chief Secretary to the Treasury 12:39 pm, 3rd November 2020

My hon. Friend has a deep understanding of business from his career prior to coming to the House. He is absolutely right to talk of the personal consequences, the commitment that people who set up and run businesses have made, and the devastating impact of the virus and its consequences. On the tax position, he will know from his time in the House that those are questions for the Budget and for my right hon Friend the Chancellor.

On the support that has been given to businesses, I direct my hon. Friend to the extension of the loans that we have given to help businesses with their cash flow, which recognises that the biggest cost for many businesses is the fixed cost of their property. That includes the up to £3,000 a month grant for those with rateable values above £51,000 and the support to local authorities, as I referenced in my response to my hon. Friend Siobhan Baillie a moment ago, for their discretionary support to specific businesses. It is part of that comprehensive package, but he is right to draw attention to the human consequence of those decisions.