Key Facts

• The current limit on the contingencies fund is 2% of the previous year’s cash spend.
• For 2020-21, this limit amounts to £10.6 billion.
• The proposed limit increase would allow up to £266 billion from the contingencies fund.
• Departments need more than the House has already allocated via vote on account starting April 1.
• The Prime Minister called for people to stay at home to protect the NHS and save lives.
• Reports indicate confusion among construction workers about which operations should continue.
• The Chancellor proposed an unprecedented scheme to underwrite 80% of wages for furloughed workers.
• Statutory sick pay is currently £94.25 per week, deemed insufficient by many.
• There are 5 million self-employed workers in the UK who cannot work from home.
• Legislation published yesterday does not provide an outright ban on evictions.
• Shelter estimates that as many as 20,000 eviction proceedings could occur over the next three months.
• Most businesses are unsure about the extent of the current crisis.
• It is impossible to determine how long this situation will last or the depth of a potential recession.
• Trade unions have asked businesses to work with them on future plans during support provision.
• The NHS has been promised budget increases over the next five years.
• 7,500 recently retired staff have returned to the NHS.
• An urgent action plan is needed for social care.
• Local councils are devastated by cuts and now have responsibility for hardship funds.
• Some households could face more abuse during isolation periods.
• Charities need access to grants to scale up operations or suspend operations without laying off staff.
• Students paying fees in further and higher education should receive refunds or deferments.
• Transport authorities are losing revenue due to the crisis.
• Prisoner release schemes have been escalated for non-threatening individuals.
• No recourse to public funds is currently blighting many people's lives.
• The market does not distribute wages fairly or efficiently in a capitalist society.
• The Contingencies Fund Bill is supported by Opposition parties.
• It provides an advance to Departments but not additional funding of £266 billion at this juncture.
• Loans over £250,000 require unsecured lending from the Government.
• Tech start-ups typically rely on equity rather than debt funding and face specific challenges in the current support package.
• A proposal exists to create a £300 million not-for-profit fund to invest in about 600 start-ups for nine or more months.
• Economic activity will be curtailed during the crisis.
• There are 330,000 self-employed workers in Scotland.
• Support is needed for those on zero-hours contracts and reduced hours not covered by the furlough scheme.
• The SNP believes a universal basic income would effectively deliver financial support to individuals.
• Buy-to-let landlords received welcome financial support but tenants should also receive security of tenure.
• The measures outlined come at a considerable commitment.
• The costs of doing nothing are greater than the costs of intervening.
• The Bill gives political permission to act in pursuit of the greater good.
• The job retention scheme provides relief to many businesses.
• In 2008, Hollinrake's business reduced its workforce from 200 to 65 within a year.
• The business interruption loan scheme does not include personal guarantees at the moment.
• Approximately 40 banks are eligible for the current scheme.
• Hollinrake prefers a short, sharp lockdown period of up to 30 days.
• Venture capital trust limits on investments in businesses should be doubled temporarily.
• Mortgage prisoners face high mortgage rates due to loans sold to inactive foreign lenders.
• Four or five businesses in Jim Shannon's constituency sought help due to coronavirus.
• Banks charged £100 per borrowed amount plus 6% interest on loans.
• Nationwide increased overdraft rates from 9.99% to 39.9%.
• HSBC, First Direct, M&S Bank, and TSB raised their interest rates similarly.
• The Competition and Markets Authority should investigate exploitative practices by banks.
• The Government's programme offers loans to sole traders and the self-employed but requires personal guarantees.
• Access to such loans is problematic for many due to cash flow issues and inability to provide personal guarantees.
• People are concerned about current support measures following past experiences during the financial crisis.
• The normal limit of the contingencies fund is set at 2% of total authorised expenditure from the preceding year.
• This has been increased to 50%, raising the absolute figure from £10.7 billion to £266 billion until the end of 2020-21.
• The last time MPs voted against a spending request was in 1919, over 100 years ago.
• The Isles of Scilly is 28 miles off Land’s End with a population of 2,200.
• The transport system serves the remote population all year round and is entirely run by private operators.
• Demand for tourism has collapsed dramatically due to the coronavirus outbreak.
• Local authorities are expected to help underwrite running costs of transport operators.
• Charities face financial challenges due to the need to close charity shops and cancel fundraising events.
• Self-employed individuals and microbusinesses are struggling with no income and limited access to grants or loans.
• Renters require protections against evictions during the pandemic.
• The Coronavirus Bill increases the notice period for ending an assured shorthold tenancy from two to three months.
• Chris Matheson reflects on his parents' experience during World War II.
• Insurance companies are not meeting their obligations towards businesses affected by coronavirus.
• The MP calls for clearer government guidance on the resumption of business operations after a prolonged shutdown.
• Desperation is felt by many due to construction site safety concerns and bank loan schemes.
• Construction workers are working in close proximity, which contradicts the Prime Minister’s guidance.
• Businesses face uncertainty over end dates for loans and repayment ability.
• The taxpayer bailed out banks during the financial crisis, leading to higher interest rates.
• Many businesses faced recall of overdraft facilities during previous crises, leading to insolvency.
• The scheme does not apply for businesses wishing staff to work reduced hours.
• People in households where both members are self-employed face severe financial difficulties.
• There is concern about the impact of closed international transport links on food security.
• Retail workers need protection, and funds should cover deliveries and PPE supply.
• Helicopter money may be considered at some point by the Treasury.
• The Contingencies Fund Bill is critically important despite its brevity.
• Discussion includes NHS spending transparency, social security issues, renter problems, self-employed support measures, salary support for companies.
• Questions raised about business interruption loan scheme clarity and personal guarantees.
• Concerns over organisations stepping into the breach without appropriate recompense.
• Need for continuous accountability post-Parliament rise.
• Future Budget revisions required by July to address medium-term costs.
• The Contingencies Fund Bill will last only for one year.
• The number has been raised to 50% from 2% to accommodate possible escalation in cash needs due to uncertainty.
• This is not a spending matter but a cash matter.
• The Contingencies Fund Bill seeks to address cash flow gaps.
• There have been two urgent questions, an Opposition day, and two pieces of legislation related to the crisis recently.
• The Treasury will set out borrowing plans following debt management remit.