Bank of England’s Andrew Bailey tells government to step up payouts or risk economic catastrophe

Britain’s biggest banks have been ordered to “put their backs into it and get on” with lending more money to small businesses struggling to cope with the coronavirus lockdown.

Andrew Bailey, the Governor of the Bank of England, warned that the consequences will be dire if the lenders do not get money where it is needed as quickly as possible: “It does have to be tackled because otherwise it will destroy people’s livelihoods, which we shouldn’t do, and we’re going to get the scarring [of the economy” , which the Government is desperate to avoid.

Rishi Sunak, the Chancellor, also

Read More