Tuesday 19 May 2020 / 1:22 PM Business / Coronavirus

We must do more to help companies through this crisis – Patrick McFadden

Patrick McFadden MP, Labour’s Shadow Economic Secretary to the Treasury, responding to the limit on the Coronavirus Large Business Interruption Loan Scheme (CLBILS) increasing, said:

“Labour has been pressing the Government to do more for major industrial companies who so far have been cut out of the Government backed lending schemes because they are not classed as ‘investment grade’. These companies in sectors like steel and automotive are often the main employers in the towns and cities where they operate and are the backbone of our manufacturing sector.

“We welcome the Treasury lifting the CLBILS lending limit, after Labour pressure, but the largest industrial companies are burning through more than this as a result of the lockdown. We must do more to help companies large and small through this crisis and avoid a repeat of the mass unemployment we have seen in the past.”

Ends

Note to Editors:

  • HMT has announced this morning that the limit on CLBILS is to be lifted from £50m to £200m. Source: https://www.gov.uk/government/news/larger-businesses-to-benefit-from-loans-of-up-to-200-million