Commons Sense

House of Commons · Written Ministerial Statement

Departmental Contingent Liability Notification (Growth Guarantee Scheme)

24 May 2024 · Department for Business and Trade

Proposed by Kevin Hollinrake Con Thirsk and Malton

Economy

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

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At a glance

Key points

  • The Growth Guarantee Scheme replaces the Recovery Loan Scheme starting July 1, 2024.
  • The Departmental Minute outlines a liability of up to 2.19 billion for the GGS.
  • The maximum contingent liability for the scheme is 1.533 billion until at least March 31, 2026.

Issue summary

The statement discusses the introduction and details of the Growth Guarantee Scheme (GGS), which replaces the Recovery Loan Scheme starting from July 1, 2024.

Action requested

I am laying a Departmental Minute today to describe the liability undertaken for the GGS. The scheme will facilitate up to £2.19 billion in finance and has a maximum contingent liability of £1.533 billion until at least March 31, 2026.

Key facts

  • Growth Guarantee Scheme (GGS) replaces Recovery Loan Scheme from July 1, 2024.
  • GGS will run until at least March 31, 2026.
  • The scheme is forecast to facilitate £2.19 billion of finance.
  • Minimum facility size for loans and overdrafts is £25,001; £1,000 for asset and invoice finance products.
  • Maximum contingent liability for the GGS is £1.533 billion.
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