Oral Statement, as delivered by Chancellor Rishi Sunak, on 5 November 2020.

Mr Speaker,

On Monday, the Prime Minister set out the action we need to take between now and the start of December to control the spread of coronavirus.

In response, we’re providing significant extra support to protect jobs and livelihoods in every region and nation of the United Kingdom:

An extension to the Coronavirus Job Retention Scheme;

More generous support to the self-employed and paying that support more quickly;

Cash grants of up to £3,000 per month for businesses which are closed, worth over £1 billion every month;

£1.6 billion for English councils to support their local economy and local healthcare response;

Longer to apply for our loan schemes and the Future Fund;

The chance to top-up Bounce Back Loans;

And an extension to the mortgage payment holidays.

All on top of more than £200 billion of fiscal support since March.

This statement follows the Bank of England’s monetary policy decisions earlier today, meaning all economic and monetary institutions are playing their part.

As you would expect, the Governor and I are in constant communication as the situation evolves.

Our responses are carefully designed to complement each other and provide certainty and support to people and businesses across the UK. The Bank’s forecasts this morning show economic activity is supported by our substantial fiscal and monetary policy action.

And the IMF just last week described the UK’s economic plan as “aggressive”, “unprecedented”, successful in “holding down” unemployment and business failures and “one of the best examples of coordinated action globally”.