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Coronavirus Business Interruption Loan Scheme - Question

Part of the debate – in the House of Lords at 11:24 am on 12th May 2020.

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Photo of Lord Palmer of Childs Hill Lord Palmer of Childs Hill Deputy Chairman of Committees, Deputy Speaker (Lords) 11:24 am, 12th May 2020

My Lords, under the bounce-back scheme, interest is charged at 2.5%, but under CBILS lenders are charging considerably more. At the same time, banks are paying savers interest of less than 1%. My noble friend Lord Razzall talked about the small number of SMEs taking up loans under the scheme. Does the Minister agree that banks have a different idea of “We are all in it together” compared with the rest of the population?