Ed Miliband MP, Labour’s Shadow Business Secretary, commenting on new figures on CBILS that show 6,020 UK businesses received £1.1bn worth of loans in the first three weeks of the scheme, compared to more than 70,000 Swiss businesses receiving £12bn in loans in one week, said.

“These figures show that the CBIL scheme is simply not working well enough. We need change now. The Chancellor must move to a 100% guarantee of loans for smaller businesses as other countries have done. In this economic emergency, it is the right thing to do.

“In the coming days, businesses are facing critical decisions about their future.

“Ministers must also accelerate the approval of new financial providers, do more to simplify the application process and provide support for good, future growth businesses not currently in profit. There also needs to be a loans scheme for larger businesses with turnover over £500m.

“The OBR’s grim scenario for our economy shows why we must do everything we possibly can now to protect jobs and businesses.”