UK consumers clear £3.8bn of debt while business loans soar since Covid-19 crisis

Bank of England data shows sweeping changes to spending in March

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UK businesses borrowed record sums in March, while consumers cleared 3.8bn of debt, according to figures from the Bank of England that show firms and individuals battened down the hatches" as the coronavirus crisis hit.

The Bank said 34.1bn of loans had been advanced to firms during the month, the highest figure since records began in 1998.