Commons Sense

House of Commons · Written Ministerial Statement

Departmental Contingent Liability Notification (Second Extension of the Recovery Loan Scheme)

20 July 2022 · Department for Business, Energy and Industrial Strategy

Proposed by Kwasi Kwarteng Con Spelthorne

Business & Trade

Summarised by AI from the official record, so it can contain mistakes.

View on Parliament.uk

At a glance

Key points

  • The Recovery Loan Scheme (RLS) is extended until June 2024 to support businesses in need of finance.
  • The government sets a cap of 6 billion on loans provided under the RLS extension.
  • A contingent liability of up to 4.2 billion is established for lending up to the 6 billion cap.

Issue summary

The statement discusses the extension of the Recovery Loan Scheme (RLS) to support businesses in need of finance.

Action requested

The government is extending the RLS until June 2024, with a £6 billion cap on loans provided and a contingent liability of up to £4.2 billion for lending up to this cap.

Key facts

  • The Recovery Loan Scheme (RLS) is facilitated by the British Business Bank.
  • The extension covers from 1 August 2022 to 30 June 2024.
  • There will be a £6 billion cap on loans provided through the scheme in the first two years.
  • The maximum contingent liability for lending up to this cap is £4.2 billion.
▸ Assessment & feedback
Summary accuracy