UK banks: Are banks profiting from coronavirus crisis?

UK banks: Are banks profiting from coronavirus crisis?

Research from a network of accountants in the UK has suggested that up to a fifth of UK businesses will not survive the next four weeks unless viable help becomes available to them.

Banks have said they are following the rules set by the Government.

The current rules mean firms can only get emergency loans if they can’t borrow in a normal commercial way, like borrowing against the value of a property.

The chancellor promised “any good business in financial difficulty who needs access to cash to pay their rent, the salaries of their employees, pay suppliers, or purchase stock, will be able to access a government-backed loan, on attractive terms”.

Published at Fri, 03 Apr 2020 10:34:00 +0000