To ask the Chancellor of the Exchequer, if he will take steps to provide the travel industry with sector specific support to assist in its recovery from the covid-19 pandemic.
3 September 2020
The Government recognises the challenging times facing the travel industry as a result of COVID-19 and firms experiencing difficulties as a result of COVID-19 can draw upon the unprecedented package of measures announced by the Chancellor, including schemes to raise capital, flexibilities with tax bills, and financial support for employees.
In addition, and as part of its normal operations, the government has always considered providing support to strategically important companies that can reasonably be expected to have a long-term viable future, and whose failure or distress could cause disproportionate harm to the UK economy or society. Companies must have exhausted all other options before being considered, and any support given will be on terms that protect the taxpayer, with existing lenders and shareholders expected to contribute to and share in the financial burden. Any companies receiving support will need to agree to appropriate conditions – including those relating to tax, supplier payment terms, climate change and corporate governance.