The Economy
Debate between Rishi Sunak and Cheryl Gillan(3 years, 7 months ago)
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Rishi Sunak
The hon. Gentleman mentioned mortgages, and I am sure his constituent, like many others, will have benefited from the mortgage holidays that we put in place, which my hon. Friend the Economic Secretary helped to organise with the banking system. Those provided six months of mortgage holidays for people, and, indeed, one in six mortgages across the UK was able to benefit from that generous scheme.
Dame Cheryl Gillan (Chesham and Amersham) (Con) [V]
May I also congratulate the Chancellor on today’s groundbreaking announcements and particularly on focusing support on viable jobs and ensuring that support goes where it is most needed? The extended guarantee on CBILS, as well as pay as you grow and the measures on VAT, will be warmly welcomed by individuals and businesses in Chesham and Amersham. However, does my right hon. Friend remember the Micawber principle:
“Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery."
What can he say to my constituents who ask how we are going to pay this enormous bill, and how can he ensure that we provide value for money for the taxpayer?
Rishi Sunak
My right hon. Friend is absolutely right and I am grateful to her for her instruction on the fiscal maths that we are grappling with! As we move our way through this crisis, the nature of our response has to change. It is simply not sustainable or affordable to continue to provide the level of support that we gave at the beginning of this crisis. That is why our support is now targeted and focused on where it can make the most difference. That will mean that we cannot do absolutely everything that everybody needs at once, but we will be able to focus it on where it can make the most difference, so that, as quickly as possible, we can get our economy growing again and ensure that the maths my right hon. Friend outlined starts to work in our favour. We cannot borrow at this level forever. We must get our borrowing back under control and eventually get our debt falling again.
Covid-19: Economic Package
Debate between Rishi Sunak and Cheryl Gillan(4 years ago)
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Rishi Sunak
The self-employment scheme in this country remains one of the most generous and comprehensive anywhere in the world. It was designed to provide support to those people who have a different pattern of working. As I have explained previously to the right hon. Gentleman, there is a difficulty in distinguishing the dividends that company directors earn from the dividends that anyone might earn through earning a passive share portfolio.
I have seen the proposals that the right hon. Gentleman and others have sent. Of course, my team and I have considered and are considering those, but that does not take away from the fact that what has opened this week is a scheme that will support millions of those in self- employment and enable them to receive the same level of support as those in employment, starting with cash coming into their accounts as early as next week.
Dame Cheryl Gillan (Chesham and Amersham) (Con) [V]
I congratulate my right hon. Friend on his announcement today, and also, in particular, on his handling of this crisis and the support he is providing to businesses and individuals during it.
Many of my constituents in Chesham and Amersham work for British Airways, which despite furloughing nearly 23,000 staff has been threatening to make over 12,000 staff redundant. Can my right hon. Friend send a clear message to British Airways today that with this extension it should now remove all threat of redundancy, which has been adding to the anxiety and stress of so many of its hard working and in many cases long-serving staff?
Rishi Sunak
Like my hon. Friend the Member for Bracknell (James Sunderland), my right hon. Friend the Member for Chesham and Amersham (Dame Cheryl Gillan) is right to advocate for and support her constituents employed by the airline industry, and she is right to urge employers to do the right thing at this difficult time. The Government have provided considerable support to companies to help them get through this crisis, and she knows what will benefit her constituents. I will continue to support her in those efforts to make sure that we can protect as many of those jobs as possible.