The Treasury has said banks should be responsible for chasing up and restructuring loans made to struggling businesses during the pandemic, despite City lenders calling for government help in dealing with the issue. With analysis suggesting that around £35bn of lending could become unsustainable, lobby group The City UK and EY had called on ministers to offer support, saying a ‘UK Recovery Corporation’ could turn risky debts into more manageable forms like tax liabilities. Responding to a Treasury Committee report highlighting the issue, the Treasury said: “We remain of the view that accredited lenders, not the government, are best placed to support borrowers [to] repay government-guaranteed loans.”
Read more: City AM
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