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Offshore Industry: Coronavirus

Question for Department for Business, Energy and Industrial Strategy

UIN 123595, tabled on 1 December 2020

To ask the Secretary of State for Business, Energy and Industrial Strategy, what the value is of covid-19 related loans (a) from the public purse and (b) via the British Business Bank to duty holders in the UK sector of the offshore oil and gas industry, broken down by support for (a) revenue streams, (b) capital investment and (c) employment costs.

Answered on

9 December 2020

The three Coronavirus Business Interruption loan schemes are administered by the British Business Bank and delivered by accredited lenders. The Loans are designed to ensure that businesses have access to capital to help them through this difficult time, with the temporary cashflow impacts of Covid-19.

The British Business bank does not keep data on (a) revenue streams, (b) capital investment and (c) employment costs.

The British Business Bank publishes lending figures under the BBLs and CBILS schemes, including by sector as follows:

BBLS by Sector

Number of BBLS facilities

Volume of Finance under BBLS (£)

% of BBLS facilities

% of business population

Mining and Quarrying; Electricity, Gas and Air Conditioning Supply; Water Supply; Sewerage, Waste Management and Remediation Activities

9518

303,000,000

1%

0.6%

CBILS by Sector

Number of facilities

Volume of Finance under CBILS (£)

% of CBILS facilities

% of business population

Mining and Quarrying; Electricity, Gas and Air Conditioning Supply; Water Supply; Sewerage, Waste Management and Remediation Activities

709

196,000,000

1%

0.6%

The Covid Corporate Financing Facility provides debt finance to support fundamentally strong companies through the market disruption brought about through Covid-19. The scheme is funded by central bank reserves – in line with other Bank of England market operations - and is indemnified by HM Treasury. Details of outstanding lending through the scheme are published weekly on the Bank of England website.