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Pressure intensifies for 100% government-backed business loans

Pressure was mounting this weekend on chancellor Rishi Sunak to offer 100% government-backed loans as part of the Covid-19 business lifeboat scheme to prevent thousands of small and medium-sized firms from going bust.

Business groups said commercial lenders, which must currently cover 20% of loan losses under the Cbils government scheme, were turning down requests to borrow rescue funds that could allow firms to remain solvent through the coronavirus lockdown.

Bank governors join Ed Miliband in urging Rishi Sunak to cut out the banks and ramp up the Covid-19 lifeboat scheme