Rishi Sunak, the Chancellor of the Exchequer, Andrew Bailey, the Governor of the Bank of England, and Chris Woolard, the CEO of the FCA, have written to the CEOs of the UK Banks warning them not to let viable Companies fail during the Coronavirus crisis.
Reminding the banks of all the measures that the Government has put in place up to now, the letter says bank lenders need to play their part in supporting the economy, by keeping lending to firms that were in good shape before Covid-19 struck.
“The priority for all of us – banks, building societies, government and the financial authorities – should now be to take all action necessary to ensure that the benefits of the measures outlined above are passed through to businesses and consumers.This will require a willingness to maintain and extend lending despite the uncertain economic conditions. We must ensure that firms whose business models were viable before this crisis remain viable once it is over.”
