Economic Update

Mary Kelly Foy Excerpts

Monday 11th January 2021 Commons Chamber

[Rishi Sunak]

I can give my hon. Friend that assurance. Hospitality is such an important sector for our local communities and indeed our national economy. I cannot comment on future Budgets, but I will bear what she says in mind. She can rest assured that I will do what I can to support the hospitality industry and ensure that it can drive our recovery.

[Mary Kelly Foy (City of Durham) (Lab) [V]]

Last week, the Chancellor graced Members of this House with a 90-second video on Twitter announcing support for the retail, hospitality and leisure sectors. While I look forward to him delivering the Budget on TikTok, those gimmicks leave businesses in the dark through a lack of scrutiny. Now that he has been freed from Twitter’s time limits, will he tell struggling businesses in my constituency just how long they need to make those grants last?

[Rishi Sunak]

The grants we have put in place are one-off but can help businesses through to the spring. Additionally, they will, of course, continue to receive the monthly grants of up to £3,000, which will be paid throughout. That means that, for example, over the next three months, a business could receive up to £18,000 in cash support. We will, as the hon. Lady said, have a Budget on 3 March, before that time elapses, at which point we will set out the next stage in our economic response to coronavirus.