Thursday 26 March 2020 / 10:50 AM Business / Coronavirus / Rebecca Long Bailey

Banks under fire for coronavirus loan tactics – Long-Bailey responds

Rebecca Long-Bailey MP, Labour’s Shadow Business Secretary, responding to banks insisting on personal guarantees to issue government-backed emergency loans to business owners, said:

“It is outrageous that many banks are loading all of the risk of Government-backed loans onto struggling businesses, despite public guarantees that protect lenders for up to 80 per cent. The Government are protecting banks but not demanding any protection for businesses in return. This must change immediately.

“Banks were responsible for the last financial crisis, they must not be allowed to hinder public efforts to shore up our economy through this crisis.”