Emergency lending to businesses 'has to be sorted out', says Bank of England governor Andrew Bailey
The boss of the Bank of England has said that emergency lending to businesses"has to be sorted out" amid the coronavirus pandemic.
Chancellor Rishi Sunak said in March that UK-based small and medium-sized business could apply for an interest-free loan of up to £5m to help them with Covid-19 related difficulties. Mr Bailey also said that the chancellor and HM Treasury had to make a decision on whether or not the taxpayer gives 100% backing for the loan scheme.Currently, the government guarantees 80% of the loan amount to give banks and financial companies the confidence to lend.
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