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Business: Government Assistance

Treasury written question – answered on 3rd October 2019.

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Photo of Chi Onwurah Chi Onwurah Shadow Minister (Department for Business, Energy and Industrial Strategy) (Industrial Strategy)

To ask the Chancellor of the Exchequer, pursuant to the oral contribution of 25 September 2019 from the Chancellor of the Duchy of Lancaster and Minister for the Cabinet Office, Official Report Column 739, if he will publish the criteria for which a business will be judged fundamentally viable in order to receive assistance from the Government in the event of the UK leaving the EU without a deal.

Photo of Rishi Sunak Rishi Sunak The Chief Secretary to the Treasury

The Government is currently considering how best to support businesses across the country in the event of a no deal exit from the EU.

The first port of call for a business facing cashflow issues should be commercial lending. As the Bank of England have said, UK banks are well-prepared, well-capitalised, and publicly committed to continuing to lend to viable businesses.

We are monitoring businesses and sectors which may be exposed to short-term difficulties as a result of EU Exit and have been clear that should there be no deal, we would support the economy through whatever appropriate action is necessary, in keeping with the principles of managing public money.

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