Asked by: Simon Baynes (Conservative - Clwyd South)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps he is taking to increase investment in infrastructure to improve access to town centres in North Wales.
Answered by Steve Barclay - Secretary of State for Environment, Food and Rural Affairs
The Treasury’s priority is to support the whole UK economy through Covid-19 and enable a strong and sustainable recovery from the crisis.
On 8 July, the Chancellor provided a Summer Economic Update to Parliament, where he confirmed an additional £500 million of funding for the Welsh Government in response to Covid-19. In total, the Treasury is providing £2.8 billion through the Barnett formula to help the Welsh Government to recover and respond to the needs of its economy. This is in addition to key schemes available UK-wide to support businesses and the labour market.
The Government is also investing £150m in the North Wales Growth Deal to help deliver jobs and economic growth to the local area.
Asked by: Simon Baynes (Conservative - Clwyd South)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the covid-19 outbreak, what steps he is taking to support regional economic growth in North Wales as the part of his economic recovery plans.
Answered by Steve Barclay - Secretary of State for Environment, Food and Rural Affairs
The Treasury’s priority is to support the whole UK economy through Covid-19 and enable a strong and sustainable recovery from the crisis.
We have taken unprecedented steps to support viable businesses to stay afloat and protect the incomes of the most vulnerable. The Welsh Government and Office of the Secretary of State for Wales play a key part in these discussions, and there is regular engagement on local economic issues and plans on regional economic growth and recovery in Wales.
On 8 July, the Chancellor provided a Summer Economic Update to Parliament, where he announced new initiatives to help businesses recover across the UK, such as Eat Out to Help Out to generate consumer spending, and temporary reduced rates of VAT to support consumers and businesses in sectors which have been badly impacted. This is in addition to providing £2.8 billion to the Welsh Government through the Barnett formula to help the Welsh Government to respond to Covid-19 and meet the needs of its economy.
Asked by: Simon Baynes (Conservative - Clwyd South)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what discussions he has had with the Welsh Government on supporting high street businesses impacted by the covid-19 outbreak in North Wales.
Answered by Steve Barclay - Secretary of State for Environment, Food and Rural Affairs
The Treasury’s priority is to support the whole UK economy through Covid-19 and enable a strong and sustainable recovery from the crisis.
We have taken unprecedented steps to support viable businesses to stay afloat and protect the incomes of the most vulnerable. The Welsh Government and Office of the Secretary of State for Wales play a key part in these discussions, and there is regular engagement on local economic issues and plans on regional economic growth and recovery in Wales.
On 8 July, the Chancellor provided a Summer Economic Update to Parliament, where he announced new initiatives to help businesses recover across the UK, such as Eat Out to Help Out to generate consumer spending, and temporary reduced rates of VAT to support consumers and businesses in sectors which have been badly impacted. This is in addition to providing £2.8 billion to the Welsh Government through the Barnett formula to help the Welsh Government to respond to Covid-19 and meet the needs of its economy.
Asked by: Simon Baynes (Conservative - Clwyd South)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of supporting people who have been self-employed for less than a year, and are therefore ineligible for Self-Employment Income Support Scheme, by reducing the level of income tax due on their earnings during that first year.
Answered by Jesse Norman
The Self-Employment Income Support Scheme (SEISS) continues to be one of the most generous self-employed COVID-19 support schemes in the world as the economy reopens.
It has not been possible to include those who began trading after the 2018-19 tax year in the scheme. This was a very difficult decision and it was taken for practical reasons.
However, the newly self-employed may still be eligible for the other elements of the Government’s unprecedented package of financial support for individuals and businesses. This package includes Bounce Back loans, tax deferrals, rental support,?increased levels of Universal Credit, mortgage holidays, and other business support grants.
Asked by: Simon Baynes (Conservative - Clwyd South)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps his Department is taking to support people who rely solely on rent from tenants for income during the covid-19 outbreak.
Answered by Kemi Badenoch - President of the Board of Trade
The Chancellor has announced unprecedented support for businesses affected by Coronavirus including giving them access to cash to pay their rent, salaries or suppliers. The Government has also taken steps to protect commercial tenants from eviction and is working with the sector to publish a Code of Practice to guide and encourage all parties to work together to protect viable businesses and ensure a swift recovery.
In the residential sector, we recognise the pressures which residents and landlords are facing. That is why the Government has extended the suspension of evictions from social or private rented accommodation for a further 2 months and included Buy-to-let mortgages in the extension to the window for applying for a mortgage holiday until 31 October 2020.
Asked by: Simon Baynes (Conservative - Clwyd South)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps his Department is taking to support freelance and self-employed people who take only dividends from their business.
Answered by Jesse Norman
I refer the Honourable Member to the answer to Parliamentary Question 54215 on 9 June 2020.
Asked by: Simon Baynes (Conservative - Clwyd South)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment his Department has made of the adequacy of his Department's covid-19 support schemes for (a) small businesses, (b) SMEs and (c) large businesses.
Answered by Kemi Badenoch - President of the Board of Trade
The Government has announced unprecedented support for business and workers to protect them against the current economic emergency including almost £300 billion of guarantees – equivalent to 15% of UK GDP. On 12 May the Government published new statistics that show businesses have benefitted from over £14 billion in loans and guarantees to support their cashflow during the crisis. This includes:
· 268,000 Bounce Back Loans (BBL) for small businesses, worth £8.3 billion
· 36,000 loans worth over £6 billion through the Coronavirus Business Interruption Loan Scheme (CBILS) for SMEs
· £359 million through the Coronavirus Large Business Interruption Loan Scheme (CLBILS) for large firms
Figures from the Bank of England show that over £17.5 billion has been distributed to large firms through the Covid Corporate Financing Facility (CCFF). Together, these schemes ensure almost all viable UK businesses can apply for a government backed loan.
In addition, the Government has implemented a range of further measures which are providing support to millions of businesses of all sizes, including:
· The Coronavirus Job Retention Scheme (CJRS) – now extended until October
· A 12-month business rates holiday for all eligible retail, leisure and hospitality businesses in England
· Grant funding for small businesses, and retail, leisure and hospitality businesses
· VAT deferral for up to 12 months
· The Time To Pay scheme, through which businesses in financial distress, and with outstanding tax liabilities, can receive support with their tax affairs
· Protection for commercial leaseholders against automatic forfeiture for non-payment until June 30 2020