Retailers face ‘ticking time bomb’ on government’s coronavirus loans

Houses of Parliament

Retailers without high credit ratings have warned the government they face “a ticking time bomb” if they are not given access to its coronavirus support loans.

Businesses that employ tens of thousands of staff and operate hundreds of shops across the UK have told Retail Week they fear being left “stuck in the middle” of the government’s support packages without access to vital funding that could prevent their companies going bust.

Executives from several retailers have warned it could spark “a bloodbath” on Britain’s high streets if chancellor Rishi Sunak does not rethink the loans, worth a total of £330bn, that are being made available to businesses.

Retailers with lower credit ratings fall between the cracks of the government’s financial help packages, which were unveiled by Sunak on Monday.

Subscription content

Please sign in now if you have a subscription or are already registered with us.

Retail Week

Register for free to continue reading

Retail-Week.com provides premium, in-depth intelligence that helps retailers judge risks, spot opportunities and identify what they need to do to win in the digital economy.

Register today for a taste of our high-quality intelligence and enjoy:

  • Two free article views per calendar month on Retail-Week.com
  • Detailed analysis of current trends and events 
  • Exclusive newsletters
  • In-depth reports, videos, interviews and much more

Discover Retail Week register now

Please note, if you have recently purchased a subscription, it may take a few minutes before your account is updated.