Commons Sense

Hansard-based summaries and metrics

<-- Back to proposed bills

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

20 July 2022

Proposing MP
Kwasi Kwarteng Con
Spelthorne
Type
Written Ministerial Statement
Department
Department for Business, Energy and Industrial Strategy
View on Parliament.uk -->

At a Glance

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