Business

Treasury written question – answered on 7th October 2019.

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Photo of Luciana Berger Luciana Berger Independent, Liverpool, Wavertree

To ask the Chancellor of the Exchequer, what criteria his Department has set for businesses which wish to apply for the bailout fund created by Operation Kingfisher.

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

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.

Overall, the government has already made over £6.3bn available to prepare for EU exit. This includes £2 billion of core funding for departments for Brexit in 2020-21, which was confirmed in the recent Spending Round.

The UK economy remains resilient, but we will continue to closely monitor any developments in economic risks to firms, sectors, and regions. We are considering what further support may be needed and any announcements will be made in due course.

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