Coronavirus Business Interruption Loan Scheme — House of Commons, 2020-11-05
Topic: Macroeconomics
Virginia Ann Crosbie (Conservative, Centre-right): I thank the hon. Member for Midlothian (Owen Thompson) for securing the debate, and I say to the right hon. Member for Dwyfor Meirionnydd (Liz Saville Roberts) that it is always a pleasure to follow a Welsh neighbour For many people across the United Kingdom, this year has brought great hardship and significant challenges, and whatever our individual circumstances, each one of us will have had times in the past nine months when it has felt so hard to be optimistic about a brighter future. Despite the challenges the nation has faced, this Government have not given up. They have continued to deliver on their election promises and to invest in the future. I am particularly talking about the levelling-up agenda and building back better, which my hon. Friend the Member for Thirsk and Malton (Kevin Hollinrake) alluded to So far, businesses in my constituency have received over £5.5 million in coronavirus business interruption loans. That is a monumental sum for an area with the lowest gross value added of any area in Wales and where investment is so desperately needed. I have seen businesses take advantage of the scheme and put the money to good use, generating jobs and optimism for the future of our island’s economy I would like to highlight what this scheme means to my constituents and the people of Ynys Môn and mention one business that is waiting to hear about its application. I have a fantastic, ingenious technology company called Orthios Eco Park, which generates electricity from imported plant waste. It intends to use this loan to develop a new mechanical recycling facility that will not only significantly increase its recycling capacity but create more than 100 jobs on the island next year, in Holyhead—a part of Anglesey that desperately needs investment and employment That company’s expansion will enhance Anglesey’s reputation as the energy island. Members have heard me wax lyrical about how important energy is to the island and to the whole of Wales. That is a reputation gained from the large number of green energy producers working locally to harness our natural resources. The work of Orthios and the support it has had will mean that those other innovative development companies will also benefit, such as the Morlais tidal energy project and Minesto at Holyhead Deep. That is part of the jigsaw that will help to deliver our Government’s net zero carbon target. All these companies are intertwined in helping us to deliver that target I agree with what my hon. Friend the Member for Thirsk and Malton said about the social purpose. I spoke to the CEO of Orthios, Sean McCormick. He said that it has been such a challenge for businesses like Orthios on Anglesey, but the support the company has had from the UK Government will help it to retain jobs and provide a springboard, helping it to invest in and deliver the future of the island. Entrepreneurs like Sean are critical if we are to grow our economy. Ynys Môn has an abundance of entrepreneurs, and I have been pleased to support them through a Make It Your Business event that I launched. There is so much more we can do to support entrepreneurs, who are the backbone and the lifeblood of our communities I have seen the Government support businesses during this crisis. They have come up with a toolbox, from the self-employment income support scheme to the coronavirus business interruption loan scheme. The Chancellor’s announcement today that he will provide additional support and extend the furlough scheme to March will come as a relief to many across the country, particularly in constituencies such as Ynys Môn, which is dependent on the tourism and hospitality sector.