THE Chancellor is set to force banks to lend cash to desperate businesses NOW in bid to save hundreds of thousands of jobs. Rishi Sunak will unveil a massive overhaul of the Government’s bailout sc…
Credit: Getty - ContributorBanks are set to be banned from asking for personal guarantees on loans, and also ordered to relax other rules to help Britain’s businesses survive.
Meanwhile, today the British Chamber of Commerce warned nearly half of firms will furlough at least half of their workforce over the next week.He said: “It would be completely unacceptable if any banks were unfairly refusing funds to good businesses in financial difficulty. For loans of more than this, personal guarantees will not be able to go higher than 20 per cent of the outstanding debt.Banks to offer credit card and loan payment holidays and £500 interest-free overdrafts to struggling customers
The Financial Conduct Authority has demanded banks also offer £500 interest-free overdrafts to customers who have been hit financially during the coronavirus crisis.Firms could also be asked to consider other ways to help borrowers, such as reductions in monthly payments.Banks have until next Monday to respond to the FCA about the plans.
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