UK banks fear up to 800,000 firms employing 3 million people could go bust in the next year if they cannot defer repayments on government-backed loans.
The lending industry is proposing a student loans-type scheme, where coronavirus loans can be converted into a tax debt repayable over a decade when businesses can afford it.

HMRC would have the operational horsepower, existing relationships with, and adequate
knowledge of, companies to manage a programme of this scale.

Banks argue that this would be far simpler arrange and administer, than the UK government taking direct ownership stakes in hundreds of thousands of companies.