April 24, 2020 / 6:11 AM / a month ago

UK considering 100% guarantees on small business loans - FT says

Britain's Chancellor of the Exchequer Rishi Sunak speaks during a daily news conference on the coronavirus disease (COVID-19) outbreak, at 10 Downing Street in London, Britain April 20, 2020. Pippa Fowles/10 Downing Street/Handout via REUTERS

LONDON (Reuters) - British finance minister Rishi Sunak is preparing to offer 100%guarantees on loans to Britain’s smallest businesses, after sustained pressure from Conservative lawmakers and the Bank of England, the Financial Times reported.

The FT said Sunak was “weighing up” whether to go against his instincts and offer full state backing to loans of up to 25,000 pounds ($30,800) to “micro-SMEs” struggling to get credit to see them through the coronavirus crisis.

($1 = 0.8106 pounds)

Reporting by Guy Faulconbridge; editing by Michael Holden

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