Government-backed COVID loans swell to £65.5bn

The Government has given banks guarantees on £65.48bn of lending to businesses hit by the coronavirus via the Bounce Back Loan scheme. According to the latest Treasury data, the biggest part of the lending was to small businesses, for which banks received a 100% state guarantee on £42.18bn of loans that have been made. The new total represents around a £2.5bn increase on last month, when nearly £62bn had been handed out in loans.