Liberal Democrat Leadership Candidate Layla Moran MP has hit out at the Government's “no strings attached” loans that have totalled to a multibillion-pound bailout of airlines, chemical companies and car manufacturers.
Companies have been given hundreds of millions of pounds in low-interest loans, with no condition to put the environment and jobs first. Layla Moran MP has called on the Government's financial support to be conditional on meeting objectives that build a fairer and greener economy.
Bank of England figures reveal £2.2 billion of government-backed lending has gone to companies in the car industry, while another £1.8 billion has gone to airlines.
Layla Moran MP's call also follows reports that some big industry beneficiaries, including lorry manufacturers and chemical companies, did not pay corporation tax.
Health Secretary Matt Hancock failed to address concerns raised at yesterday's Downing Street press conference over the £1.8 billion of lending provided to airlines with no environmental conditions attached.
Layla Moran MP said:
“Large businesses should not be given billions of pounds of public money with no strings attached.
"Any financial support offered by the Government should be conditional on meeting objectives, like paying your taxes, cutting pollution and protecting jobs in the UK. This is a huge missed opportunity for the economy, for people and for the planet.
“Moving forward, we need an economy that puts the environment and people's well-being first, not big, unconditional business bailouts. It is disappointing to see the Government failing to learn the lessons of 2008.”