Greensill Capital Debate
Full Debate: Read Full DebateDepartment: Department for Levelling Up, Housing & Communities
Mike Wood
Main Page: Mike Wood (Conservative - Dudley South)Department Debates - View all Mike Wood's debates with the Department for Levelling Up, Housing & Communities
Greensill Capital
Mike Wood Excerpts(3 years ago)
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Paul Scully
The Chancellor and other Ministers have spent many, many hours speaking to lenders and to businesses of all sizes to make sure that we can best reflect on and flex the support that is given to them. The system worked when the Chancellor was asked to change the scheme inappropriately, because, rather than having the banks involved in the CCFF, it was a Government-backed scheme with the Bank of England. That is why he rejected that approach, which meant that the procedure went well.
Mike Wood (Dudley South) (Con) [V]
Businesses in Dudley South want support to go to the businesses that need it as quickly and effectively as possible rather than just falling back on how things have always been done when the times are far from ordinary. Can my hon. Friend assure them that, while processes will be transparent and due diligence will be done with taxpayers’ money, his Department will continue to look at all the options to make sure that the necessary support is getting to where it is needed rather than just going with traditional processes of distributing funds?
Paul Scully
My hon. Friend is absolutely right. What the Chancellor, the Secretary of State for Business, Energy and Industrial Strategy and other Ministers have done throughout is to make sure that, rather than just reacting to events, we can flex and respond as best we can by speaking to businesses large and small and by speaking to stakeholders to try to smooth out those cliff edges of support. As we get to that road map, as we start to reopen and recover our economy, it is as important as ever to make sure that we have that flexibility within our support.