Public Health Restrictions: Government Economic Support - Commons Urgent Question

Part of the debate – in the House of Lords at 1:28 pm on 15th October 2020.

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Photo of Baroness Penn Baroness Penn Baroness in Waiting (HM Household) (Whip) 1:28 pm, 15th October 2020

My Lords, the financial support that the Government provide to businesses is not limited to those in tier 3. We have the £1.57 billion Culture Recovery Fund for those in the arts and the VAT cut to 5% for those in hospitality, and we have billions of pounds in the Bounce Back Loan Scheme. In the Winter Economy Plan we said that we would extend the terms of those loans to halve monthly repayments for most of those who take them out, and of course, there will be no repayments and no interest for the first year while businesses struggle with their cash flow.