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The Guardian - UK

Business

Jasper Jolly

British Business Bank warns of risk of defaults on Covid support loans

British Business Bank BBB United Kingdom

signage related to social distancing and Covid-19 on display in London — During the pandemic the government rolled out a series of loan schemes worth tens of billions of pounds to prevent businesses collapsing. Photograph: Yui Mok/PA

The UK government-backed British Business Bank has warned that the worsening economy could increase the number of companies unable to repay its loans, including coronavirus pandemic support.

The BBB said in its annual report on Wednesday that “should an economic downturn occur, there would likely be an increase in defaults on loans” given under Covid crisis loan schemes.

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