U.K. to Lend 40 Billion Pounds to Small Businesses, Times Says
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U.K. Chancellor of the Exchequer George Osborne will provide 40 billion pounds ($63.4 billion) in low-rate loans to small businesses, the Sunday Times reported, without saying where it got the information.
The plan, to be announced this week, will apply to firms with revenues of as much as 50 million pounds and use money diverted from the Bank of England’s quantitative easing facility, according to the newspaper. Lloyds Banking Group Plc, Royal Bank of Scotland Group Plc, Barclays Plc and Banco Santander SA have agreed to participate, the Sunday Times reported.