Source · Select Committees · Business and Trade Committee
Recommendation 19
19
Accepted in Part
Paragraph: 64
As more of the population is vaccinated, the Government must shift its policy- making approach...
Recommendation
As more of the population is vaccinated, the Government must shift its policy- making approach from reacting to rapidly changing circumstances towards long-term considerations. In his Budget, the Chancellor must give businesses and workers the security and certainty they need by extending the existing package of measures and committing to phasing them out only when the easing of health restrictions allows. To address the issue of debt affordability for businesses, the Government should also consider whether converting certain existing businesses’ COVID loan debt into grants, could provide an appropriate long-term solution. We also recommend that the Government sets out a clear strategy for business recovery, which addresses the challenges faced by many sectors which will not be able to re-open as early as others.
Government response summary AI-generated
The government refers to its published 'Build Back Better: our plan for growth' as its long-term strategy for recovery. However, it rejects the suggestion to convert COVID loan debt into grants, advising businesses to discuss repayment options with their lenders.
Summary of the government's response below — read the verbatim text to verify.
Paragraph Reference:
64
Government Response
Accepted in Part
HM Government · verbatim extract
Accepted in Part
62. As the Prime Minister and the Chancellor of the Exchequer have said previously, the Covid-19 pandemic. The Government’s package of support in response to coronavirus has evolved with the path of the virus, and will continue to do so.
Read the full response on Parliament ↗