UK Markets open in 4 hrs 44 mins

UK state-backed COVID lending rises to 65.48 billion pounds

A pedestrian walks past shuttered stores amid the coronavirus disease (COVID-19) outbreak in London
A pedestrian walks past shuttered stores amid the coronavirus disease (COVID-19) outbreak in London

LONDON (Reuters) - Britain's government has given banks guarantees on 65.48 billion pounds of lending to businesses hit by the coronavirus as of Nov. 15, up from 61.93 billion pounds a month earlier, finance ministry data showed on Thursday.

The biggest part of the lending is to small businesses, for which banks receive a 100% state guarantee on the 42.18 billion pounds of loans that have been made.

(Reporting by David Milliken, editing by Andy Bruce)