Four in five recruitment firms expect financial hit this year from Covid-19 August 25, 2020 Four in five recruitment firms said they expect a drop in full-year income in 2020-2021 as a result of the Covid pandemic. The majority of recruitment firms forecast a 15-30 per cent drop in income compared to the previous year, the survey by HSBC’s professional services team found. HSBC UK’s head of professional services Chloe [...]
Business schools: Your country needs you… to save our SMEs October 6, 2020 With tighter restrictions coming into place across the country, local businesses would be forgiven for feeling fear and uncertainty about what is coming next as we go into a second wave of Covid-19. No business is immune — but those in the SME category are particularly at risk. Small business owners have been significantly impacted [...]
More SMEs eligible for coronavirus loans under rule change July 17, 2020 An abrupt U-turn in lending rules means SMEs banks previously rejected for coronavirus loans may now be able to get the vital cash they need to survive. Small businesses with fewer than 50 staff and less than £9m in annual turnover will no longer be considered “undertakings in difficulty” under EU state aid rules amid [...]
We need more competition in business finance — and Open Banking can help August 20, 2020 SME banking has been a persistent problem. In 2016, the government set out to challenge the oligopoly of high street banks. A sizable alternative lending sector was created, accounting for up to 30 per cent of SME lending pre-coronavirus, and challengers have managed to capture over 20 per cent of business current accounts. Many have [...]
UK banks ease coronavirus business loan requirements April 27, 2020 The UK’s biggest banks have said they will ease their lending conditions to make it easier for small businesses to access cash through the coronavirus business loan schemes, after chancellor Rishi Sunak offered 100 per cent guarantees to the smallest businesses. The coronavirus business interruption loan scheme (CBILS) has been criticised by many firms who [...]
A lost generation of startups: are early-stage companies being left behind? October 15, 2020 Early-stage companies face a difficult winter ahead as barriers to funding increase and the number of failing tech startups soar. Last month saw a record number of filings for administrations, liquidations or dissolutions of the UK’s startups. Research by Plexal and Beauhurst published today reveals more than 1,000 tech startups have filed since the start [...]
See A Film Out To Help Out: Five ways to save the film industry October 7, 2020 In this uncertain and unnerving year, there seems to be little light at the end of the tunnel, particularly for people working in the UK’s film industry. This week, Cineworld confirmed its plans to place all of its own cinemas and those of its Picturehouse brand in an unprecedented winter hibernation — meaning the loss [...]
City calls for deeper tax relief as UK sinks into recession August 12, 2020 Business groups have called on the government to take “bold action” after the UK economy plunged into recession last quarter as GDP contracted by 20.4 per cent between April and June, the biggest single quarter decline on record. With vast swathes of the economy closed due to the coronavirus lockdowns, activity flatlined in April, before [...]
Project Birch: Government prepares rescue plan for largest British firms May 25, 2020 The Treasury has indicated it is prepared to rescue large British firms severely hit by the coronavirus crisis under its “Project Birch” bailout plan. It follows indications that a number of big British companies are seeking government aid to navigate through the crisis. These include Jaguar Rover, which is reportedly in talks with the government [...]
Lloyds boss says bank can absorb coronavirus loan defaults May 21, 2020 The chief executive of Lloyds Banking Group today said the bank would be able to soak up a jump in loan defaults triggered by the coronavirus pandemic. Antonio Horta-Osorio told the bank’s annual meeting today that supporting customers hit hard by the pandemic was the “right thing to do”, but would have a financial impact [...]