Despite Rishi Sunak’s instructions UK banks have currently approved a miserly 0.65% of the coronavirus business interruption loan scheme (CBILS).
The figures come from CITY AM obtained independently and published earlier today.
Rishi Sunak and the Government Treasury are clearly being ignored by UK Banks, and while they continue to do so good businesses are disappearing as a consequence of following government guidelines banks chose to flout.
Frustrations amidst the COVID-19 pandemic are many, but most are shouldering the load in an effort to support the country.
Banks have got away with much in recent years, if things don’t change, and change immediately the backlash from business will be immense.
It surely has got to the point where Rishi Sunak sacks the banks and bankers blocking economic aid to UK businesses. Rishi Sunak should now look to distribute financial aid through an institution he can control HMRC. If not he will be left looking like a rather lonely clown…