Treasury unveils plan to speed up delivery of government projects July 28, 2020 Treasury minister Steve Barclay has unveiled the government’s plan to make his department “the new radicals” and transform Whitehall’s decision making processes. Barclay told centre-right think tank Onward today that the Treasury would become more like a Silicon Valley company by ensuring public sector projects operate at greater speed and by using better data to [...]
Nearly half of European banks hold a negative profit outlook July 6, 2020 The number of European banks reporting a negative outlook for 2020 has risen significantly as a result of the coronavirus pandemic, as the global economy struggles to survive its impact. Data from ratings giant S&P Global revealed 46 per cent of Europe’s banks in its portfolio now hold a negative outlook, up from just 14 [...]
FCA warns banks and brokers over risks of home working May 27, 2020 The financial services watchdog today warned that banks and brokerages are facing increased risks around the handling of sensitive information due to the rise of home working as a result of the coronavirus pandemic. In its weekly bulletin, the Financial Conduct Authority (FCA) said that “working from home arrangements may raise new, additional risks around [...]
Insurer Hastings’ shares surge as it agrees to £1.66bn takeover August 5, 2020 Insurer Hastings’ share price surged this morning after agreeing a £1.66bn takeover by Finland’s Sampo and South Africa’s Rand Merchant Investment. The cash offer will hand Hastings investors 250p per share as well as an interim dividend of 4.5p per share. That sent Hastings’ shares soaring 17 per cent higher to 253p in early trading. [...]
London small business boss blasts Barclays over coronavirus loan scheme May 5, 2020 Small businesses are at risk of collapse due to stringent eligibility rules for emergency coronavirus loans, the boss of a London marketing agency rejected for a loan has warned. Richard Cox, co-founder of The Village Communications, accused banks of a “complete lack of interest” in helping small firms that were struggling to stay afloat during [...]
Water companies given £114m performance fine – with Thames Water amongst the worst of the lot September 26, 2023 Debt-laden supplier Thames Water has been 'lagging' in its bid to clean up pollution incidents, plug leakages and improve customer service.
Small businesses borrow £18bn in three weeks under Bounce Back Loan Scheme May 27, 2020 Small and medium-sized businesses have borrowed more than £18bn under the government’s Bounce Back Loan Scheme (BBLS) in its first three weeks of operation. The BBLS was introduced by chancellor Rishi Sunk after criticism that the existing Coronavirus Business Interruption Loan Scheme (CBILS) was not being made accessible to many businesses by the banks administering [...]
Shares in defence supplier Ultra soar as Kwarteng hints of £2.6bn takeover approval June 24, 2022 The £2.6bn takeover of UK defence supplier Ultra Electronics by private equity-owned Cobham is reportedly set to receive a green light from the government. Business secretary Kwasi Kwarteng announced on Thursday that he is “minded to accept undertakings offered”, despite national security concerns. The move seemingly sparked the interest of investors, as Ultra’s share soared [...]
Hollywood Bowl secures government coronavirus interruption loan May 12, 2020 Hollywood Bowl has secured a £10m loan through the government’s Coronavirus Large Business Interruption Loan Scheme. The bowling alley operator said the loan will be provided by Lloyds Bank. It replaces a £10m revolving credit facility extension to its £35m banking facility, which was announced at the beginning of April. Hollywood Bowl, which has closed [...]
Tata Steel seeks £500m in government cash for Port Talbot plant April 26, 2020 Tata Steel needs £500m from the government to survive the coronavirus economic slowdown, MP for Aberavon Stephen Kinnock said. Kinnock asked first secretary Dominic Raab in parliament last week to lift the amount lent to businesses under the coronavirus large business interruption loan scheme (CLBILS) from £50m to £500m to help Tata Steel with lost [...]