About a third of the debt being taken on by British companies under the government's emergency coronavirus lending programmes could be unsustainable, raising the need for fresh capital from new investors, a finance industry body said on Sunday.
FILE PHOTO: Canary Wharf is seen from Greenwich Park, following the outbreak of the coronavirus disease , London, Britain, June 3, 2020. REUTERS/Hannah McKay
TheCityUK said that by the end of March 2021, companies might be struggling to meet the financing costs of up to 36 billion pounds of debt under the COVID-19 credit schemes that carry government guarantees for banks lending to firms. The sectors most exposed were property, accommodation and food services and construction, with small and medium-sized firms accounting for about half the total, TheCityUK said.
“However, this is a huge and complicated challenge. It is already clear that there won’t be a one-size-fits-all solution.”
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