CBILS loan scheme too complicated says Bank of England

Governor Andrew Bailey (head of the Bank of England) has said that emergency lending to businesses “has to be sorted out” amid the coronavirus pandemic, questioning whether the system is “too complicated” as banks struggle to cope with applications.

Mr Bailey said that banks must now “dig in” with processing risk assessments.

He added that the government-backed scheme had taken longer to get into full operation than expected.

However, the British Chambers of Commerce said on Wednesday that only 2% of UK firms had so far secured the loans.

More info here on the CBILS scheme.