Shadow Chancellor Anneliese Dodds, says Labour’s priority is to “help businesses get back on their feet, secure our economy and get Britain on the road to recovery.”
British business is currently weighed down by £71 billion of Covid debt through Government-backed loans during the crisis – with the Chancellor encouraging banks to begin asking for repayments in March. New analysis by Labour reveals that 850,000 business are at risk of closure in the next three months, putting 2.4 million jobs at risk.
Labour’s plan would ease the debt burden on business, secure the economy and help British business to rebuild by:
- Converting the Bounce Back Loans (BBLs) scheme into a ‘student-loan style’ arrangement, so that businesses only have to start repayments when they are making money.
- Creating a new British Business Recovery Agency that would manage the Coronavirus Business Interruption Loans Scheme (CBILs) and Coronavirus Large Business Interruption Loan Scheme (CLBILs) in order to create terms that secure the future of businesses, including employee ownership, preference shares and subordinated debt