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Business: Coronavirus

Treasury written question – answered on 14th May 2020.

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Photo of Chris Elmore Chris Elmore Opposition Whip (Commons), Shadow Minister (Scotland)

To ask the Chancellor of the Exchequer, what discussions he has had with the Secretary of State for Business, Energy and Industrial Strategy on long-term support for businesses who have been detrimentally affected by the covid-19 pandemic.

Photo of Kemi Badenoch Kemi Badenoch The Exchequer Secretary

The Government has announced unprecedented support for business and workers to protect them against the current economic emergency including almost £300 billion of guarantees – equivalent to 15% of UK GDP. We have taken steps to give businesses access to cash to pay rent, salaries or suppliers, alongside a commitment to pay 80% of the regular monthly wages, up to £2,500, of furloughed workers via the Coronavirus Job Retention Scheme (CJRS).

On 12 May the Chancellor announced that the CJRS would be extended for a further three months until October. The Government will continue to monitor developments to understand the impacts of COVID-19 on business.

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