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Accounting News - October 2021

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Accounting News - October 2021

British Business Bank provided £80.5 billion of COVID-19 support

COVID-19 emergency finance schemes offered £80.5 billion of finance to almost 1.7 million businesses through the British Business Bank (BBB) during the last financial year.

This support, which is not included under the Bank's core programmes, was evenly distributed across the nations and regions of the UK.

In addition, the BBB supported £8.5 billion through its normal core finance programmes, although this was below its target of £9.085 billion due to displacement of existing programmes by COVID-19 emergency finance schemes.

The Bank was independently assessed as having deployed its expertise to the government effectively, ranging from advice on COVID-19 scheme development and delivery to fulfilling priorities on research and market engagement.

Catherine Lewis La Torre, CEO of the BBB, said:

'Throughout 2020/21, in response to the pandemic, the BBB performed a role vital to the UK government, finance markets and the economy as a whole.

'Our financial support to smaller businesses has increased by more than £80 billion during the last financial year, and now stands at nearly £89 billion.

'We look forward to using our unique position in the market to support businesses further as they recover and return to growth once more, thereby rebuilding the foundations of the UK's future prosperity.'

Internet link: British Business Bank website

Photo by Tim Gouw on Unsplash

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