THE WHAT? BASF is set to borrow £1 billion from the Bank of England under its emergency coronavirus loan scheme, making the German chemicals firm the biggest beneficiary of the government-backed fund, according to a report published by The Guardian.
THE DETAILS Some 53 large companies have signed up for the state-backed support, including Chanel, Bayer, Amcor, Burberry, John Lewis, AkzoNobel, Marks and Spencer and Asos.
A spokesperson for Chanel told the Guardian that the luxury fashion brand, which employs some 1,600 people in the UK, had chosen not to access government furlough schemes but instead make use of the Bank of England facility. BASF employs approximately 850 staff across three sites in the UK.
THE WHY? The scheme is designed to support those businesses affected by the GVC and offers an attractive 0.5 percent interest rate.