Covid-19: Economy - Question

Part of the debate – in the House of Lords at 11:07 am on 30th April 2020.

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Photo of Baroness Drake Baroness Drake Labour 11:07 am, 30th April 2020

My Lords, 60% of private sector workers in the UK were employed by SMEs, with more than half—some 9 million—in microbusinesses. Many SMEs are struggling to keep their businesses alive and workers on their books. We know that, if too many fall, this will scar the economy and slow recovery. The Chancellor’s announcement of the bounce-back loan scheme is welcome, but at what rate do the Government now expect loan finance to flow to SMEs, what is the expected impact on the number of businesses that will stop trading, and what further refinements to the current schemes targeted on SMEs are the Government reviewing?