Stephen Jones, who heads UK Finance, told members of the Treasury Select Committee that countries where emergency loans have reached businesses faster have been able to go faster because the loans are 100% government funded.
Asked how Switzerland helped 18,000 companies and Germany got € 7 billion (£ 6.1 billion) in funding in this way, Jones said the two plans were fully funded by the state, so the credit assessment required by banks is much simpler.
He added: “I would like to ask for a few days of patience before any redesign of the system. “
But patience is running out. According to The sun, City Minister John Glen said, “There is still a lot to do. It is absolutely essential that the pace be accelerated. “
In a sign, the government is ready to change the rules if necessary, however, this afternoon, it expanded a taxpayer-supported vacation plan to include up to 200,000 additional workers at risk of layoffs.
The Treasury said employees would now be eligible to receive money under the scheme if they were on a company’s payroll on March 19, after setting the deadline for February 28.