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Business borrowing hits a high as Covid-19 hammers UK economy

British businesses borrowed 50 per cent more in the second quarter of 2020 than the whole of the previous year.

The jump comes from the Covid-19 pandemic taking a “wrecking ball” to world economies.

Firms in the UK borrowed £34.5 billion in the three months to the end of June, reports lobby group UK Finance.


Stephen Pegge, MD of UK Finance, said:

“Demand for additional support was substantial.”

And, more than one million business applied to the Government’s various lending schemes – handing out £57 billion.

However, there are fears the Bounce Bank Loan (BBL) – designed to help small businesses – has been “vulnerable” to fraudulent claims.

The National Crime Agency has launched an investigation into BBLs and organised crime.





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