Companies: Coronavirus

Treasury written question – answered on 17th July 2020.

Alert me about debates like this

Photo of Andrew Slaughter Andrew Slaughter Labour, Hammersmith

To ask the Chancellor of the Exchequer, what timescale the Government plans to allow companies to seek Government funding for bailouts under Project Birch.

Photo of Andrew Slaughter Andrew Slaughter Labour, Hammersmith

To ask the Chancellor of the Exchequer, what the timescale is for loans provided to companies bailed out through Project Birch to be converted into shares; and what conditions the Government plans to attach to such conversions into shares.

Photo of Kemi Badenoch Kemi Badenoch The Exchequer Secretary

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.

Does this answer the above question?

Yes1 person thinks so

No1 person thinks not

Would you like to ask a question like this yourself? Use our Freedom of Information site.