Britains government coronavirus lending rises to £45 billion

(qlmbusinessnews.com via uk.reuters.com –Tue, 7th July 2020) London, UK —

LONDON (Reuters) – Britain’s government has underwritten £45 billion of borrowing by businesses hit by the coronavirus and spent more than £27 billion so far to support jobs, finance ministry figures showed on Tuesday.

Total spending under the Coronavirus Job Retention Scheme, which supports 9.4 million jobs and is the costliest government coronavirus measure, rose to £27.4 billion as of July 5 from £25.5 billion a week earlier.

State-backed lending to small businesses – which receives a 100% government guarantee – rose to £30.93 billion. Lending to medium-sized and large firms increased to £11.49 billion and £2.58 billion respectively in two programmes which offer an 80% guarantee to lenders.

Reporting by David Milliken