British Government pays £65 million interest to banks so far

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Rishi Sunak
Loan guarantees introduced by Chancellor Sunak Credit: Andrew Parsons / No 10 Downing Street

BRITISH banks are both heroes and possibly villains with regards to the amount of money they have leant to businesses but also, they have reaped a pretty good reward from the UK Government.

The PA news agency was told, following a freedom of information request, that the Government has paid at least £65 million (€71.5 million) in interest to the banks by way of support to encourage that the loans are made.

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A further freedom of information request by the British Business Bank found that they were charged at 5.1 per cent, lower than commercial loans but still much higher than the Bank of England rate of 0.1 per cent.

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