Bank of England tells lenders to ‘get on with’ Covid-19 business loans
by Larry Elliott Economics editor from on (#529TT)
Governor Andrew Bailey says 'livelihoods are at stake' as figures show only 1.1bn lent to small firms
The Bank of England governor, Andrew Bailey, has told Britain's high street lenders that they must "put their backs into" providing loans for companies affected by Covid-19 amid evidence that many will fail without urgent help.
Bailey said commercial banks were under no illusion that "they had to get on with this" to prevent long-term scarring of the economy as a result of the pandemic.
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