These measures have seen a decline in activities of small and medium businesses.
“This business loan forbearance, if it is matched by all banks, will give much needed relief to struggling businesses and families.
“It will give our economy the breathing room it needs to survive the next few months,” Hill-Lewis said
However, Hill-Lewis said it was concerning that government had not co-ordinated a nationwide loan forbearance programme proactively, and had instead left it up to individual banks to make these announcements.
“This does not inspire confidence that the government has a firm grip on the economic disaster we face, or that they have any plan to help get our economy through this crisis.”