This Bill, as the Minister said, shows decisive leadership by the Government and, indeed, by the whole House. It is supported by the Opposition parties. As the Minister explained, this is really a cash flow Bill. It is not a provision at this juncture for the extra £266 billion of Government spending for Departments; it is an advance to those Departments.
The first question I ask the Minister is, bearing in mind the advance, what is the Treasury’s current estimate of how much extra it thinks it will be borrowing when we come to estimates in July? That is something the House would like to consider and start thinking about.
Another point related to the fiscal and monetary management of this crisis, which I think this Government have done admirably, is whether the Treasury has done any thinking about the Government balance sheet, and in particular the balance sheet that will be looked at by international sovereign investors. Bearing in mind that this crisis is affecting every country in the world, have they done any thinking with our partners on whether money spent relating to this particular crisis may be somehow itemised differently on the balance sheet, rather than just being lumped in with all the other Government spending that may have taken place? If we could somehow delineate crisis spending and normal spending, that may well help investors, this House and anybody else in the future in trying to assess the fiscal health of this country and others. I think that is something the Treasury should consider.
However, there is a broader issue here. This is obviously thought about as primarily a global health crisis, but many people think about the economic impacts, and that is indeed correct. However, the health crisis and the economic crisis are intertwined, and I will focus, as so many in the House have today, on the self-employed, although this issue does not relate just to them.
This virus requires us to do social distancing, which is a phrase all of us have become so familiar with, although I do not think any of us knew it existed up until two to three months ago—all I can say is, bring back Brexit. To save lives, we are having to shut down major parts of the economy, and for people to save their own lives and the lives of others, they are having to shut down their personal economic activity. These people have families, houses and responsibilities; if they do not feel that they can meet those responsibilities, some may choose to
take the path we have asked them not to take. Some may choose to do the risky thing and not what they know to be right, because they are caught in this difficult conflict between health and wealth. The job of any Government in a responsible society—indeed, this Government have met this challenge—is to make sure nobody is faced with that choice. I think that principle has underpinned all of the response from the Treasury and should continue to underpin it when the Treasury comes out with its proposals for self-employed workers.
I have a couple of specific questions for the Minister. I have been contacted by many constituents who are trying to use the business interruption loan scheme. Could the limit on unsecured lending be extended above £250,000? Many constituents have told me that they have been asked for personal guarantees above that threshold by the banks. Quite understandably, many are not willing to provide personal guarantees. Indeed, one asked me, “Bim, would you give a personal guarantee on a £500,000 or £1 million loan?” I said I could not say in all honesty that I would. Will the Minister consider extending that threshold for unsecured lending above £250,000—perhaps to £500,000 or £1 million?