Chemicals firm BASF biggest beneficiary of UK coronavirus loan scheme

German company among large firms using government-backed funding to help weather fallout of pandemic

The German chemicals company BASF has emerged as the biggest beneficiary of the Bank of England’s emergency coronavirus loan scheme, borrowing £1bn in cheap government-backed funding.

Threadneedle Street revealed for the first time the names of 53 businesses that had borrowed £16.2bn between them, amid rising pressure on the government to place tougher conditions on firms that receive state-backed support.

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German company among large firms using government-backed funding to help weather fallout of pandemicCoronavirus – latest updatesSee all our coronavirus coverageThe German chemicals company BASF has emerged as the biggest beneficiary of the Bank of England’s emergency coronavirus loan scheme, borrowing £1bn in cheap government-backed funding.Threadneedle Street revealed for the first time the names of 53 businesses that had borrowed £16.2bn between them, amid rising pressure on the government to place tougher conditions on firms that receive state-backed support. Continue reading…

Bank of England, Business, Coronavirus outbreak, Politics

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