Ed Miliband MP, Shadow Business Secretary, responding to reports that the Chancellor Rishi Sunak is preparing to offer 100% guarantees on small business loans, said:

“Two weeks ago Labour called for the Government to urgently look at 100% underwriting of loans and simplified lending criteria. Its resistance to this does not make economic sense for our SMEs or for the country. It appears there is a glimmer of light that the Chancellor might change course.

“But every day that is wasted increases the risk of SMEs going to the wall.”