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German chemical company BASF borrowed More Than 1 billion £

The government has been criticised for handing out More Than £16 billion euros of cheap credit to well-known companies such as John Lewis and Tottenham Hotspur.

The, the, was £awarded 1 billion to a German chemical giant, while the United Kingdom 2bn, the largest airlines almost£.

But senior Labour MP Margaret Hodge has the credits "a flagrant abuse of taxpayers 'money".

In response, the Ministry of Finance said the credit System was for the protection of hundreds of thousands of jobs.

The Bank of England, The Corporate Covid Financing Facility (CCFF) was established to provide for large companies with a big impact on the UK economy through The Crisis . It is developed A Number of schemes to lend money to businesses affected by the pandemic.

The List of 53 companies which contains the possibility of some well-known names, such as M&S, Asos and Nissan.

Airlines, Ryanair and EasyJet each borrowed £600m, while the British were awarded Airways-owner IAG and Wizz Air £300 each.

This is, has complaints of environmentalists who say The Money would have to be linked with conditions.

"Airlines have been Given , what was said exactly, the Chancellor, the Prime Minister , the economists and The Public , they should not be Given to keep the billion - cheap and easy loans you to pollute, without any obligations to reduce their emissions, or even to keep their workers on the payroll," said Fiona Nicholls of Greenpeace.

BA plans to have 12,000 employees redundant, Ryanair has said it will cut 3,000 jobs and 4,500 roles were deleted, are with EasyJet.

The largest single loan was handed over to the German company BASF is The World 's largest manufacturer of chemicals, although it only employs around 850 people in the UK.

"We should see a lot more public in the enjoyment of this public money," Ms Nicholls.

'Taken for a ride"

Dame Margaret said the support of the companies to the securing of employment was the proper thing to do.

"But I have great doubts as to whether spray of water, said Billions of pounds of government funding to large enterprises, provides a good value for money for hard-working taxpayers," She Said .

She Said , a lot of companies, the scheme based abroad have been or is in the possession of billionaires. Otherwise, She Said , were "shocking" by the hand out dividends this year.

she called the scheme "a blatant abuse of The Public ", and added: "The taxpayer has taken for a ride. "

A Treasury spokesman said: "The Corporate Covid the financing of the facility is an important part of the [coronavirus] support the protection of hundreds of thousands of jobs, the support of some of the largest companies in cash flow and enable you to support your suppliers. "

margaret hodge, coronavirus pandemic, companies, hm treasury, bank of england

Source of news: bbc.com