Part of 5. Topical Questions – in the Senedd at 4:02 pm on 11 March 2020.
Can I thank Suzy Davies for her questions and the points that she made? Again, really important points, and I'd agree with pretty much everything that she's said. In particular, if I could just touch on the issue of coronavirus. Discussions are already under way with BEIS in relation to the impact that coronavirus could have on the economy, and particularly in those areas of the economy where we rely on quite considerable movement of people, or high dependence on goods from those territories where economic activity is either slowing down or seizing up as a result of the virus.
It's quite clear to everyone concerned that the damage to the economy could, in a worst-case scenario, be quite considerable, and therefore, it will require a concerted effort by the UK Government to ensure that as many businesses as possible can overcome what will be a temporary period of difficulty. I'm yet to receive full detail of what the Chancellor has announced today in terms of support for business through the coronavirus, but I very much hope that it will be a sufficient package to enable not just companies in the steel sector but across the economy to address the challenge of coronavirus in the months to come.
I think it's probably too early to determine the potential benefit of interest rate reductions by the Bank of England in terms of how that might assist with cashflow issues. However, the Development Bank of Wales, the high street banks I will be speaking with are already saying that they will be ready to assist many businesses, and that is very welcome indeed.
And I just repeat the point that, as soon as anything formal is available to me from Tata, I will share that detail with Members. And Suzy Davies is absolutely right, the RSPs need to know, at the earliest opportunity, so that plans can be made to accommodate those who could be left without work to ensure that they get the right support to get back into employment.