Sunak to Unveil New Covid-Recovery Loans for U.K. Businesses

Chancellor of the Exchequer Rishi Sunak is poised to unveil a state-backed loan program to help companies in the U.K. recover from the economic devastation wrought by the coronavirus pandemic, a person familiar with the plan said.

The new loans are likely to be 80% government-backed, with interest rates capped at about 15%, according to the person, who asked not to be named discussing measures set to be announced in next week’s budget. The terms are similar to those in existing state-backed lending programs.