Thread by @CommonsTreasury

Our evidence session with Alistair Darling, @George_Osborne and @PhilipHammondUK on the economic impact of #coronavirus is just about to start.

Watch it live here:

parliamentlive.tv/Event/Index/ff…

We're underway! Watch it live here:

parliamentlive.tv/Event/Index/ff…

.@George_Osborne said a challenge for Government is how to withdraw necessary support schemes to keep people in work and businesses afloat.

Another challenge involves business loans that have kept zombie companies on life support.

Alistair Darling told the Committee that "at some stage, if you're spending lots of money, you're going to have to pay for it".

A Government like ours can carry that debt for some period. The risk is clamping down the economy prematurely. Need to get economy growing again.

.@PhilipHammondUK said that he would not be comfortable with running debt levels of 100% of GDP forever. But over the course of two years, debt to GDP level would not be the primary focus.

.@PhilipHammondUK told us that every initiative that the Government takes must fit into its long-term strategies, such as achieving #netzero by 2050.

He also said that the the key should not be preserving jobs, but maintaining employment.

.@PhilipHammondUK also told us that he thinks high street banks are uncomfortable being pushed to make loans to customers that they're not equipped to deal with, knowing that a large proportion of #bouncebackloans are likely to go bad, but rules require them to pursue the loans.

.@George_Osborne told us that "if you want the protection of the state, you need to pay your tax, either as a business or an individual."

.@George_Osborne said that the #coronavirus crisis has shown that there is a "sharp educational divide" between kids who can learn online at home and those who can't.

.@George_Osborne also said that whilst we're trying to #SaveTheHighStreet, the "ridiculous" Sunday trading laws should be scrapped.

.@George_Osborne said then when a Government starts to depend on its central bank as a source financing, that's where you potentially get a risk.

.@PhilipHammondUK said to place a second shock on ourselves with a no-deal #Brexit would disadvantage us.

If it's not possible to get an "all singing all dancing deal" in the next few months, the Govt should consider an "interim trade deal" as an extension has been ruled out.

Alistair Darling said a no-deal #Brexit would be "absolutely disastrous". Going through #coronavrius, "you'd have to be mad" to want to end up in a situation where you erect huge trade barriers and tariffs just at a time when you're hoping your economy might recover.