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Coronavirus: Fewer loans approved as firms rush to get lifeline

Fewer coronavirus loans were agreed in the week to Tuesday, leaving half of businesses still waiting.

Chancellor Rishi Sunak said the loans up to 50,000 should unblock a backlog of applications.

Companies say they are still struggling to get credit to tide them through the coronavirus pandemic.

Banks have approved 2.8bn of loans for small firms, compared with 1.1bn approved last week.

Andrew Bailey questioned whether the coronavirus business interruption loan scheme is too complex.

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