Business: Government Assistance

Treasury written question – answered on 8th July 2020.

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Photo of Sarah Olney Sarah Olney Liberal Democrat Spokesperson (International Trade), Liberal Democrat Spokesperson (Business, Energy and Industrial Strategy)

To ask the Chancellor of the Exchequer, if he make it his policy to add environmental conditions to bailouts for businesses affected by the covid-19 outbreak.

Photo of Kemi Badenoch Kemi Badenoch The Exchequer Secretary, Minister for Equalities

As laid out in the Summer Economic Update, as part of its normal operations the government has always considered providing support to strategically important companies that can reasonably be expected to have a long-term viable future, and whose failure or distress could cause disproportionate harm to the UK economy or society. Companies must have exhausted all other options before being considered, and any support given is on terms that protect the taxpayer, with existing lenders and shareholders expected to contribute to and share in the financial burden. Companies receiving support also need to agree to appropriate conditions, including those relating to tax, supplier payment terms, climate change and corporate governance.

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