Ministers are continuing talks with the Treasury over extending financial support to Covid-hit businesses, amid Labour warnings of a £50 billion “bombshell” emerging if no action is taken.
Business Secretary Kwasi Kwarteng told MPs he is working with Chancellor Rishi Sunak on “what further support we can supply” following calls to extend the business rates break beyond March.
His ministerial colleague Paul Scully acknowledged firms have raised concerns over a “cliff-edge” and also over fixed costs they have to deal with, adding: “All of which we recognise, and (we are) continuing our conversations with the Treasury.”
Both Mr Kwarteng and Mr Scully said a “flexible” approach to financial support is needed to help firms.