A government-backed entity is needed to manage the £35bn in unsustainable corporate debt that's resulted from loans and support measures given during the Covid-19 crisis, a group of senior City officials have said.

TheCityUK’s Recapitalisation Group called for “urgent action” in a 16 July report and suggested the creation of a “UK Recovery Corporation” to issue, hold, oversee and manage the unsustainable debt.