C19 BoE loans to small-medium sized businesses – “gone wrong”
- Emergency loans to prop up desperate businesses facing a collapse in the coronavirus crisis have been paid to just 1.4 per cent of applicants, the government has admitted.
- Cabinet minister Alok Sharma said 4,200 companies have been given cash from the 300,000 who have asked for help.
- The Business Secretary said lending to small and medium-sized businesses so far totalled £800million but admitted the scheme had been set up “at speed”.
- Former Bank of England Governor Lord King said that he believed the “low” number of payouts showed something had “gone wrong”.