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Covid-19: Business Interruption Insurance - Private Notice Question

Part of the debate – in the House of Lords at 3:10 pm on 17th March 2020.

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Photo of Baroness Warsi Baroness Warsi Conservative 3:10 pm, 17th March 2020

My Lords, I declare an interest as a director and shareholder of a number of businesses, which are set out in the register. My noble friend will be aware of the Chancellor’s announcement last week of the business interruption loan guarantee, an essential announcement which could be the difference between a business surviving or going under in the current crisis. Having spoken to a number of banks about how it will play out, the clear indication is that they do not have guidance from the Treasury about what this package will look like. We are now nearly a week on from that announcement. As noble Lords will appreciate, businesses are looking to stabilise their finances now to ensure that they keep people employed. Does my noble friend have any idea of what guidance has been given, when it was given and when businesses will hear from banks about the package of measures that could be put in place to stabilise them?