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UK Treasury, BoE: Banks Should Lend Despite Uncertain Economic Conditions

UK banks should be willing to extend lending to businesses and households despite the uncertain economic conditions, the Chancellor and the Governor of the Bank of England, and the CEO of the Financial Conduct Authority said in a joint letter to the CEOs of the UK banks.

A set of unprecedented measures were announce last week to support business and protect jobs to mitigate the risks posed by the outspread of coronavirus.

A number of decisions taken by the regulators will ensure the financial system has the capacity to ensure the uninterrupted supply of credit to firms and households that need it.

"The priority of all of us - banks, building societies, government and the financial authorities- should now be to take all action necessary to ensure that the benefits of the measures outlined above are passed through to business and consumers," they said.

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