Ed Miliband MP, Labour’s Shadow Business Secretary, commenting on the new figures on the Coronavirus Business Interruption Loan Scheme (CBILS) released by the government, said:
“The Government’s loan schemes are still not doing enough to save our businesses. Demand is rising yet progress is stalling, with a growing gap between total applications and agreed loans.
“Despite ministers’ promises that bounce back loans would help, 60 per cent of larger businesses are rejected or languishing in the queue. An effective scheme is crucial for Britain’s manufacturing sector but many have been locked out by technical Treasury rules, which must change.
“Many businesses have been facing severe difficulty for months now. They cannot afford to wait any longer for support.”