Ex-Bank of England governor Mervyn King warns extended coronavirus lockdown will spark 'rebellion' among Britons if it is enforced for 'months on end'
Lord Mervyn King says it's 'unrealistic' to think lockdown could last for months
He warns the lockdown could be 'potentially damaging' to public's mental health
https://www.dailymail.co.uk/news/article-8176553/Coronavirus-lockdown-Britain-end-rebellion-enforced-months-end.html
An extended coronavirus lockdown could end in a 'rebellion,' a former Bank of England governor has warned.
Speaking at a round-table webinar organised by Policy Exchange, Lord Mervyn King, who served as governor during the 2008 financial crisis, said it was 'unrealistic' to think the lockdown could continue for 'months and months on end'.
Instead the economist called for a gradual exit strategy to protect the economy and citizens' well-being.
'Something has gone wrong, I am worried': Ex-Bank of England governor Lord Mervyn King gives stark warning as just 4,200 UK firms get crisis loans compared to 725,000 in America
Lord King is 'worried' about the Government's emergency bailout loans system
It has seen just 4,200 firms in Britain get the payment out of 300,000 applicants
£800m has been handed out in UK - compared to £146bn to 725,000 firms in US
Lord King has said the survival of businesses is key to a rapid economic recovery
By TOM WITHEROW FOR THE DAILY MAIL and MARK DUELL FOR MAILONLINE
https://www.dailymail.co.uk/news/article-8213533/Lord-Mervyn-King-gives-stark-warning-coronavirus-business-loans.html
PUBLISHED: 10:04, 13 April 2020
Former Bank of England governor Lord Mervyn King has warned 'something has gone wrong' with the Government's emergency bailout loans system.
The 72-year-old admitted he is 'worried' about the workings of the scheme which has seen just 4,200 firms in Britain get the payment out of 300,000 applicants.
The worrying figures have emerged despite the system already being overhauled earlier this month after firms complained they could not access the cash.
Around £800million has been handed out in total – a figure which pales in comparison to the £146billion handed to 725,000 companies in the US.
Lord King, who was governor of the Bank of England during the financial crisis in 2008, said the survival of businesses was key to a rapid economic recovery.
Racing car maker owner says dealing with high street banks has been 'catastrophic'
Tim Colman, owner of racing car maker Chevron Cars, is among those fearing for the future of his company which is struggling to get a loan.
He has written to the British Business Bank, which is administrating the loans, after failing in his attempts to get any of the money available so far.
Mr Colman, whose business is based in Basingstoke, Hampshire, said his experience of dealing with the high street banks during the process has been 'nothing short of catastrophic'.
He told the Sunday Telegraph: 'If the lack of funding continues for long I will simply be unable to trade and my 55-year-old business will have to shut its doors.'
Chevron was founded by Derek Bennett in 1965 who designed and built the cars until his death in 1978.
He told Sky News: 'The economy will recover quickly only if we can keep the businesses that existed at the beginning of it still functioning and still able to pick up the reins when the epidemic is over.
1:26
4:42
13:34
13:12
59:37
