Oral Answers to Questions

Desmond Swayne Excerpts

Tuesday 16th June 2020 Commons Chamber

[Tom Randall (Gedling) (Con)]

What steps his Department is taking to support businesses during the covid-19 outbreak.

[Sir Desmond Swayne (New Forest West) (Con)]

What steps his Department is taking to support businesses during the covid-19 outbreak.

[Jeremy Wright (Kenilworth and Southam) (Con)]

What steps his Department is taking to support businesses during the covid-19 outbreak.

--- Later in debate ---

[Alok Sharma]

I thank my hon. Friend for doing his bit to support businesses in his constituency. In coming up with the workplace guidance, which has allowed businesses to open safely, we have worked closely with businesses, business representative organisations and trade unions. I have already outlined the support that we have provided for the sector, but what we all need to do is to get out there to support businesses that are now opening. We owe that to them and to the economy to get it going again.

[Sir Desmond Swayne]

What is available for those fast-growing firms that rely on equity finance and for which loans and grants have not been a good fit?

[Alok Sharma]

What an intelligent question. On 20 April, my right hon. Friend the Chancellor announced a package of support worth £1.25 billion for fast-growing innovative companies and that, of course, included £750 million in grants and loans delivered through Innovate UK, and a £500 million future fund, through which the Government will invest up to £5 million per company, matched by the private sector.