Wednesday 27 March 2019 12:01 am

Barclays unveils £14bn lending fund to help businesses through Brexit uncertainty

Barclays has unveiled a £14bn lending fund to help small and medium-sized businesses through the uncertainty of Brexit.

The bank, which has held more than 100 “Brexit clinics” for businesses in recent weeks, said the fund would provide loans, commercial mortgages and cash flow funding for investments.

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The Bank of England’s governor Mark Carney has warned last month that half of UK firms are not ready for a no-deal Brexit, according to recent surveys.

UK Finance then launched a no-deal Brexit survival guide for SMEs, which included speaking to banks about extra finance as soon as possible and considering the impact of potential changes to trading arrangements.

Barclays said the £14.7bn was to help businesses, at various stages of growth and development, deal with and capitalise on Brexit uncertainty.

Chief executive Jes Staley said: “Barclays stands ready to help local businesses in towns, cities and rural communities up and down the country during this period of uncertainty.

Read more: Businesses not prepared for increased post-Brexit recruitment costs

“It is the entrepreneurs, farmers, manufacturers, housebuilders, new tech firms and countless other businesses that will help the country deal with – and capitalise on – this period of change.”

“Barclays is here to help SMEs to do exactly that,” Staley added.