Coronavirus: City calls for new body to clear £35bn crisis debt burden

The second mechanism, called Covid Business Recovery Capital, would convert government-guaranteed loans into subordinated debt or preferred share capital agreements, but without voting rights attached to them.

The third mechanism, dubbed Covid Business Growth Shares, would consist of different instruments such as preference shares, ensuring the provision of growth capital to allow companies to replenish their cash reserves and invest in working capital. One banking source said the RCG's final report was likely to be welcomed by Mr Sunak and Andrew Bailey, the Bank of England governor, who have been kept closely informed about its progress.One source said the RCG now estimated that roughly one-third of the approximately two million businesses which have taken on a CBILS or BBLS loan during the crisis could struggle to repay their new borrowings, leaving them on the brink of collapse.

"If left unresolved, these levels of unsustainable debt could inhibit employment, research and development, investment and ultimately a smooth economic recovery back to growth," the RCG said in a letter to Mr Bailey in May.

So we owe ourselves the money, but which pots of change did the funding come out of ? The most fabled war chest, the crisis aid money we send all over the world when tragedy hits, the pensions pot!!!

Maybe a department to restrict media driven hysteria would be money better spent.

Idea. Apparently HM the Queen is worth over £70B, Maj, how about cutting the debt in half?

Easy send an invoice to China

More taxes to those who have sacrificed their lives, working in the pandemic.

Where have we seem this before... oh wait...

so more tawdry, corrupted tories can put their noses in the troff?

You have became a minority throughout cities across England and hundreds of your daughters raped

Easing lockdown completely.Bringing more infected people from overseas. More and more death. Sorted

Are the banks shying away from enforcement on these government-backed loans? Is that why the RCG wants the government to have a role in collection?

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