POST Online Media Lite Edition



 

British Business Bank to provide 100m pounds to firms hit by Carillion collapse

Staff Writer |
The British Business Bank will provide up to 100 million pounds ($141.53 million) of lending to small businesses and workers affected by Carillion Plc's liquidation, the department for Business, Energy and Industrial Strategy (BEIS) said.

Article continues below




The package will benefit businesses, including the construction and outsourcing company's subcontractors who may not have sufficient assets as security for conventional loans.

Carillion's 200-year-old business collapsed last month when its banks pulled the plug, triggering Britain's biggest corporate failure in a decade and forcing the government to step in to guarantee public services from school meals to roadworks.

The banking sector's trade body, UK Finance, has also confirmed an additional multi-million pound package for small businesses and personal banking customers, BEIS said.


What to read next

Lloyds Bank pulls out from St James's Place
Tesco to raise store staff wages by 10.5 percent over two years
Barclays cuts up to 12,000 jobs