BoE's Bailey: We need tools that would allow companies to swap debt for equity

When asked about the indebted companies' inability to access the Bank of England's (BoE) coronavirus funds, BoE Governor Andrew Bailey said the solution was not more debt but equity.

"We need tools that would allow companies to swap debt for equity," Bailey added. "Lending to small companies has been slower to take off than for big companies."

Market reaction

The UK's FTSE 100 Index edged slightly higher and was last seen gaining 0.57% on a daily basis at 6,036.45 points.