Chair writes to Chancellor on delivering support for self-employed, workers, and businesses
3 April 2020
Rachel Reeves, Chair of the Business, Energy and Industrial Strategy Committee has commented on the announced changes to business interruption loans and on her letter [dated 2nd April] to Rishi Sunak, Chancellor of the Exchequer, outlining a series of areas where action is needed to ensure Government support gets to the businesses, workers and self-employed people that need it.
Chair's comments
Rachel Reeves, Chair of the Business, Energy and Industrial Strategy Committee said:
“The Chancellor's moves today to widen access to loans for small- and medium-sized businesses impacted by coronavirus are welcome. Progress is being made but when less than a 1,000 businesses have had finance approved so far it is clear that support needs to be ramped up quickly.
“Banks need to be held to account on delivery. The Government should require lenders to come forward with weekly updates on the number and value of loans that have been approved, so that we can be sure the scheme is getting funds to those who need it.
“The Chancellor’s announcements on a range of Government measures for businesses, workers, and the self-employed have been very welcome and helped reassure people across the country about the safety of their jobs and livelihoods. But, it is crucial that these measures deliver as intended, ensuring nobody is left behind, that workers can keep their heads above water, and that the UK emerges out of this crisis with businesses that can prosper and help deliver an economy that can grow.
“I hope the Chancellor will quickly come forward with the right remedies to fix these gaps and ensure that support gets to the businesses and workers across the country who so desperately need it.”