British finance minister Rishi Sunak is preparing to offer 100%guarantees on loans to Britain’s smallest businesses after sustained pressure from Conservative lawmakers and the Bank of England, the Financial Times reported.
FILE PHOTO: Chancellor Rishi Sunak speaks during a daily news conference on the coronavirus disease outbreak, at 10 Downing Street in London, Britain April 20, 2020. Pippa Fowles/10 Downing Street/Handout via REUTERS/File Photo
But the FT said a new loans programme could be launched alongside Britain’s emergency 330 billion-pound scheme offering loans of up to 5 million pounds, with state guarantees of 80%, to small and medium-sized companies. Data published on Thursday showed banks had provided 2.8 billion pounds in loans, almost doubling from a week earlier.
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