In full: Rishi Sunak questioned by MPs about economic impact of Covid-19

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In full: Rishi Sunak questioned by MPs about economic impact of Covid-19 3

Chancellor Rishi Sunak has been questioned by MPs on the Commons Treasury Select Committee about the economic impact of coronavirus.

Watch the replay of the livestream to hear his answers to questions about his mini-Budget last week, the furlough bonus, the triple lock on pensions and the economic impact of Covid-19 on women.

In the committee session, Chancellor Rishi Sunak defended his controversial jobs retention bonus saying it provided a "significant incentive" for firms to retain staff who would otherwise be laid off.

Mr Sunak was forced to issue a ministerial direction requiring the scheme announced last week to go ahead after the head of HM Revenue and Customs formally questioned whether it represented value for money.

Giving evidence to the Commons Treasury Committee, the Chancellor said the "vast majority" of the Government financial support schemes during the coronavirus crisis had required such directions.

"I firmly believe that it will and can make a difference," he said.

"I think the way it is designed, particularly for those who are lower paid, it will serve as a significant incentive and reward to those especially small and medium sized companies to protect employment.

"We have the prospect of many people losing their jobs. I am determined to do what I can to protect as many of those jobs as possible and this I believe will help do that."

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