Smaller companies may have between £90 billion and £105 billion in unsustainable debt by March 2021, according to TheCityUK, a body that promotes the country's financial sector. It was giving evidence to the Bank of England on 11 May 2020.
Small and medium-sized businesses employ 16 million people and generate turnover of more than £2 trillion. Many have had to close during the lockdown.
It made proposals on how such businesses could be recapitalised. [20.05]