‘Completely unacceptable' for banks to unfairly refuse funds to businesses in difficulty

01 April 2020 by
‘Completely unacceptable' for banks to unfairly refuse funds to businesses in difficulty

It would be "completely unacceptable" for banks to unfairly refuse funds to companies in financial difficulty, business secretary Alok Sharma has said.

In today's briefing Sharma said the banks had been bailed out by taxpayers and that now it was time to "repay the favour".

Many concerns have been raised by businesses struggling to access credit or being asked to provide personal guarantees.

The business secretary said concerns were being heard within government and further measures to help companies access funds quickly can be expected to be announced by the chancellor in the coming days.

Additionally, Sharma said local authorities had been told to ensure grants to businesses are distributed "as quickly as possible", with all funds now passed to them.

Photo credit: Shutterstock

Hospitality businesses starting to receive coronavirus grants>>

National Living Wage increases by 6.2% today>>

The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.


Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking