Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will introduce an immediate six-month moratorium on commercial lenders enforcing loan repayments during the covid-19 outbreak.

The Government has announced an unprecedented support package to help businesses through this challenging time.

For larger businesses, this includes the new Covid Corporate Financing Facility (CCFF), which will provide additional help for firms facing cash flow disruption, and the Coronavirus Large Business Interruption Loan Scheme launched on Monday 20 April. For small and medium sized businesses (SMEs), the Coronavirus Business Interruption Loan Scheme (CBILS) launched on 23 March which will help give lenders greater confidence to continue providing SMEs with finance through this uncertainty.

The Government welcomes the commitments made by the banking industry to support their customers’ finance needs, and will continue to work with the regulators and the industry to ensure the steps we have taken are effective in helping businesses through this period of uncertainty.

Any customer who is concerned about their current financial situation should get in touch with their lender at the earliest possible opportunity to discuss the best option for them.