UK Authorities Tell Banks To Keep On Lending Amid Outbreak
Law360, London (March 25, 2020, 4:55 PM GMT) -- The U.K. government and financial authorities have told British banks that they must continue to lend to businesses and consumers to keep the economy ticking despite uncertain conditions caused by the coronavirus pandemic.
Chancellor of the Exchequer Rishi Sunak, interim Chief Executive of the Financial Conduct Authority Chris Woolard and Bank of England Governor Andrew Bailey told lenders in a joint letter to continue pumping money into U.K. companies so that businesses operating before the crisis “remain viable once it is over.”
“This will require a willingness to maintain and extend lending despite the uncertain economic conditions,” they wrote in a...
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