Payback: Banks must back £330bn coronavirus package – The Yorkshire Post says

At least Alistair Darling had time to find his feet before having to announce a £500bn taxpayer-funded bailout for the UK’s battered banking industry in October 2008 as institutions, like Northern Rock, went under during the global financial crash.

Now it should be payback time. After the reckless irresponsibility of the banks fuelled the subsequent recession – and a decade of austerity – it is now their time to reciprocate the goodwill by showing tolerance towards those businesses, and individuals, facing financial ruin as a result of the country going into lockdown mode as the Government strives to limit the pandemic’s impact on human life.

As Yorkshire’s very own consumer champion Kate Hardcastle posted on social media, public health comes first – but that small businesses are the backbone of the economy and many are already “at crisis point” in need of resources, help and cash.

It’s a plea that Mr Sunak did his best to heed as he announced Government-backed loans of up to £330bn – 15 per cent of GDP – to support businesses, in addition to extra help for the retail, hospitality and leisure sectors, as the Treasury steps up its response to this “economic emergency”.

It was a significant upgrade on last week’s Budget undertakings. And while the Chancellor did confirm a three month ‘mortgage holiday’ for financially stricken families, the onus will be on the banks, and lenders, to take immediate account of the Treasury’s wishes so families do not lose out. They’re duty-bound to do so with as little prevarication as possible.