Treasury mulling plans for ‘bad bank’ to manage stakes in bailed-out firms May 17, 2020 The Treasury is considering plans to develop a so-called “bad bank” in order to hold stake in bailed out companies, the Sunday Times reported, amid fears that key firms could fail due to the coronavirus pandemic. The initiative reflects similar steps taken by the Labour party during the 2008 financial crisis, when it set up [...]
City minister John Glen praises frontline financial services staff for coronavirus efforts April 21, 2020 City minister John Glen has thanked frontline financial services staff for their “vital” role during the coronavirus crisis. In a letter published today, Glen said the services provided by bank branch and contact centre workers will be a “lifeline” to many during the pandemic. He praised the “herculean efforts” to help customers in financial difficulty [...]
Government doubles investment for coronavirus startups May 20, 2020 The government has doubled its investment to support startups borne out of the coronavirus crisis. Business secretary Alok Sharma has today announced the government is doubling investment in the Fast Start Competition to £40m. The programme was launched in April and is being managed by Innovate UK. It is part of a £211m investment package [...]
Chancellor shakes up coronavirus loan scheme after criticism of banks April 2, 2020 Chancellor Rishi Sunak said tonight that he is extending a coronavirus loan scheme for small businesses and introducing a new loan scheme for businesses with revenue up to £500m. The Treasury also said it would ban lenders from requesting personal guarantees for loans under £250,000. And Sunak pledged “operational changes” to speed up lending approvals. [...]
Keith Pelley interview: European Tour chief on PGA Tour alliance, why 2021 is even tougher than 2020, and when fans can return to golf April 9, 2021 Since 14 April 2020, Keith Pelley has been getting used to a new way of starting each day. At 7:45am the chief executive of golf’s European Tour dials into a conference call with 14 colleagues to discuss which tournaments are on, which are off and need replacing at short notice, and which hang in the [...]
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.
Hotel Chocolat secures £25m coronavirus loan as disruption expected until end of 2020 May 4, 2020 Hotel Chocolat announced this morning it has secured a £25m coronavirus large business interruption loan (CLBIL) as it warned that the pandemic could continue to impact trading throughout the rest of 2020. The high street retailer said it had agreed a £35m revolving credit facility with Lloyds Bank, replacing its previous £10m overdraft facility. The [...]
Treasury tells banks to boost coronavirus lending after rule change July 30, 2020 The Treasury has told banks they should be lending more to struggling companies through the main coronavirus loan scheme after changes to EU state aid rules come into effect today. European Union rules had meant some viable British firms with significant debts or that were growing and spending fast were classed as “undertakings in difficulty”. [...]
Sunday Sitdown: ‘Skittish’ banks need to up their game, says CEO of Ezbob April 25, 2021 Following a nightmare year that was hugely disrupted by the pandemic and three subsequent lockdowns, the City is slowly switching into recovery mode as the economy starts to re-open and many sectors are coming back to life. To discuss the way back up, City A.M. sits down with Tomer Guriel, chief executive of Marble Arch-based [...]
A step-by-step guide for SMEs as the furlough scheme nears its end September 14, 2020 Much ink has been spilled and many voices raised on what the government should do to save our small businesses in the wake of Covid-19. Indeed, the politicians have a large role to play in ensuring the UK’s small-and medium-sized enterprises continue trading. With 99 per cent of all business in the UK defined as [...]