The Bank of England have issued a joint statement alongside the chairmen of the UK’s largest banks to assure they are in a “strong position” are are “rapidly getting systems in place” to support borrowers.
The statement reads:
“In recent days, the Bank of England and the government have worked closely with the major banks to put in place a range of measures which give enormous scope to the financial system to provide help to both businesses and households during these extraordinary times. The UK’s banks are in a strong position to provide further support to the economy and are ready and willing to do so. Your banks are rapidly getting systems in place so if you need support, we are here to help.
This is an unprecedented situation, but it will pass and the economy will rebound. The Bank of England and the major banks are here to help businesses and households bridge through this difficult period and keep financial hardship to a minimum. We are grateful for the efforts our staff are making to ensure we can continue to provide the essential services our customers across the country need every day. We would particularly like to thank those on the frontline – the health professionals, carers and volunteers across the country – who are tackling the challenges posed by COVID-19.”
- Andrew Bailey, Governor, Bank of England
- Lord Blackwell, Chairman, Lloyds Banking Group
- Sir Howard Davies, Chairman, Natwest
- Nigel Higgins, Chairman, Barclays
- Jim Pettigrew, Chairman, Virgin Money
- Mark Tucker, Chairman, HSBC
- Baroness Vadera, Chair, Santander
- Bob Wigley, Chairman, UK Finance
The news comes as banks have said that they will start restricting the number of customers in branches to try safeguard staff as they deal with a surge in demand for emergency loans during the Covid-19 outbreak.