19 Aug 2020
UK businesses borrow £50bn in state-backed Covid-19 loans
July 2020
HM Treasury has announced that nearly 1.2 million UK businesses had taken bank bailout loans and other debt that was either partly or fully guaranteed by the government as the country seeks to rebuild the economy after the Covid-19 lockdown. In particular, around £34bn has been lent via the Bounce Back Loan Scheme to 1.1 million small companies with few checks on their ability to repay. The Office for Budget Responsibility estimates that up to 40% may default.