To ask the Minister of Finance to detail what powers he has to seek the granting of greater repayment flexibility for businesses that availed of Covid Bounce Back loans, but are currently in arrears.

I have previously urged Treasury and the local banks to ensure that the repayment of debt, such as Bounce Back Loans, is managed carefully to ensure that those who relied on this finance during the pandemic are supported and treated fairly. It is also important for businesses who find themselves in the situation of not being able to make their repayments, to engage with their lender and discuss their particular circumstances and options.

However, this is a Reserved Matter, with the rules and regulations for Bounce Back Loans falling under the responsibility of the British Government, and any decision to grant repayment flexibility for Bounce Back Loans will ultimately be for them to make.