Taxpayers on hook for £68bn of coronavirus loans

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Taxpayer backed staggering £68.2bn in emergency loans to maintain companies afloat by way of pandemic

The taxpayer has backed a staggering £68.2billion in emergency loans to maintain companies afloat by way of the Covid-19 pandemic. 

The Treasury’s lifeline mortgage schemes, which carry a Authorities assure, inspired banks to quadruple their enterprise lending in 2020 as determined corporations rushed to borrow money. 

Bailout: The Treasury's lifeline loan schemes encouraged banks to quadruple their business lending in 2020 as desperate firms rushed to borrow cash

Bailout: The Treasury’s lifeline mortgage schemes inspired banks to quadruple their enterprise lending in 2020 as determined corporations rushed to borrow money

Banks have lent out a mixed £24.6billion underneath the Coronavirus Enterprise Interruption Mortgage Scheme (CBILS) and the bigger CLBILS to 83,293 corporations. 

These loans carry an 80 per cent Authorities assure. 

On high of that, lenders have handed out an infinite £43.5billion in Bounce Again loans to greater than 1.4m of the nation’s smallest companies. 

Commercial



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