- During the Covid 19, UK lending to businesses tops 50 billion pounds.
- At the same time the cost of supporting furloughed workers has increased to 33.8 billion pounds, weekly finance ministry figures showed.
A recent news in Reuters reported by Andy Bruce brings to light the incurring loan amount given by UK banks to the business community to help them sustain their businesses and to improve the economy of the nation.
Lending under three programmes
Lending across the government’s three main programmes for small, medium and large businesses rose to a total 50.69 billion pounds as of Aug. 2, up from 49.43 billion pounds the week before.
The Coronavirus Job Retention Scheme
- The Coronavirus Job Retention Scheme, has supported 9.6 million jobs.
- It is the costliest single government COVID relief measure.
- It has risen to 33.8 billion pounds from 31.7 billion pounds a week earlier.
These loan schemes provided by banks are followed as per the directions given by authorities to help the small business firms to overcome this undue situation owing to coronavirus pandemic.
Did you subscribe to our daily newsletter?
It’s Free! Click here to Subscribe!
Source: Reuters
