The acceleration of economic effects of the coronavirus has Britain's Association of Corporate Treasurers (ACT) asking the banks to speed up the flow of credits to companies, according to a Reuters report.
The economic effects of the coronavirus are already taking a toll in the U.K., and credit loans could help to alleviate the the slowdown.
ACT said the banks' program to lend directly to large businesses should be extended to include smaller firms. And, since the central bank has eased its rules governing capital buffers, ACT also advised speeding up lending decisions.
Finance Minister Rishi Sunak pledged a 330-billion-pound ($386 billion) loan guarantee as a life raft of sorts. There will also be another 20 billion pounds ($23 billion) allocated for things like tax cuts, grants and various forms of aid for the countless businesses affected by the virus' carnage.
ACT Chief Executive Caroline Stockmann said it was essential for credit lines to be available as that would ease the pain and act as a financial balm for businesses suffering in the immediate future.
The Bank of England cut the country's interest rate by 50 basis points, leaving it sitting at 0.25 percent. This measure, according to the bank, would help to ease the burden on families and keep cash flowing at rates that wouldn't sink the country's economy.
The coronavirus, which has caused the economy worldwide to slow to a grinding halt, has affected U.K. department store chain Debenhams, which requested a five-month rent freeze as it struggles with the projected effects of the virus. Some of the effects already seen included a drop in in-person traffic and the amount of overall visits.
Debenhams, which employs 20,000 people in the country, was already doing balance sheet restructuring prior to the virus pandemic and has said it would have an easier time of things if landlords lowered its bills.