Bank of England CP funds start flowing to paralysed UK companies

UK housing construction from Adobe 9Apr20 575x375
By Jon Hay
09 Apr 2020

Official financial lifelines to keep UK companies alive through the coronavirus pandemic are already having a tangible effect. Shares in Redrow, the UK housebuilder, rose 7.5% on Thursday morning after it announced it had been approved to borrow up to £300m from the Bank of England’s commercial paper facility for investment grade companies.

Barbara Richmond, group finance director of Redrow, which is based in Flintshire, north Wales, said the company now had “very little” cashflow coming in.

“I think the Bank of England have been excellent — very responsive and very helpful,” she said. “We’ve also had help from NatWest Markets ...

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