Mervyn King

the Business Secretary Alok Sharma has admitted that "more money needs to go faster to get out" to companies applying for the emergency loans from the government.

He Said with 4,200 loans with a total value of £800 metres, had been given to the company to survive cash, the coronavirus crisis.

this is But only 1. 4% of the 300,000 requests that were intended by the System.

Mr Sharma said the banks were working "in Tempo" to the Problem of loans that are secured by the government.

"you have people working over the weekend, conversations with customers, make sure that you said these loans as quickly as possible," he to Bbc One 's Andrew Marr show.

But the former Governor of the Bank of England, Mervyn King , said later worry about how few companies had money by the System.

Speak to Sophie ridge on Sky News , Mr king said that the survival of the business through The Crisis is the key to a rapid recovery of the economy.

"The economy is going to recover quickly, Only If we can prevent the companies that it works at the beginning and get still be able to take the reins in the Hand, if the epidemic is over," He Said .

"If we find that a few companies the loan is granted, something went wrong. "

Mr king said that it was a mistake you would have been able to work with social distancing responses to the requests and demands of companies, trying to apply for coronavirus-business interruption-loan.

Earlier this month, the government in response to claims that banks were taking advantage of The Crisis .

after the government banned banks from questions, the owner of the company to secure loans with their own savings or property, when borrowing up to £250,000.

It will also be removed, a requirement that the company must have been guarantees of a loan refused to commercial conditions into account, the prompted for the System according to company, the look at the interest rates of up to 30%, and values, unreasonable personal.

Mr Sharma told The Bbc that The Changes to the scheme would make it more attractive. But he that there is "No Doubt ," said the economic impact after the lockdown measures.

"I think it is essential we continue to support now so that when we come, on The Other hand, the companies are able to start very quickly. "

Source of news: bbc.com