UK launches coronavirus lending scheme for business

The Bank of England and Britain's finance ministry launched a scheme on Tuesday to purchase debt known as commercial paper issued by companies hit by the coronavirus.

The programme will run for at least a year, and will buy debt with a maturity of up to one year that offers interest rates similar to what the companies that issue it would have paid before the coronavirus crisis.

Businesses did not need to have issued commercial paper before to be eligible to take part, the BoE said.