Banks ‘being defeated’ by coronavirus business loan scheme April 6, 2020 Concerns are growing about the accessibility of the government’s coronavirus business loan scheme amidst ongoing claims that many small and medium businesses are being denied funds. Just 1,000 businesses, out of almost six million British SMEs, have been granted loans as a part of the £330bn coronavirus business interruption loan scheme (CBIL). Read more: Banks [...]
Joining the Pacific trade bloc will free us from our reliance on the European Union and China March 17, 2023 Rishi Sunak is pursuing a deal with Pacific countries to allow the UK to join the CPTPP, and reduce its reliance on trading with the EU and China, writes Jason Reed.
UK’s smaller firms cannot pay debts amid coronavirus, say accountants April 6, 2020 The UK’s small and medium-sized businesses do not have enough cash to pay debts due in the next year, research has shown, as fears rise over the resilience of British firms in the face of the coronavirus slowdown. Coronavirus containment measures have pushed businesses to close and caused a slump in demand. This has caused [...]
Coronavirus: If we get it right, there are grounds for optimism for SMEs April 10, 2020 The Government have acted promptly and in scale to address the unprecedented crisis we face. In addition to the schemes to protect jobs and certain hard-hit sectors, such as hospitality, some of the schemes are intended for distribution through the banks. These include: Coronavirus Commercial Financing Facility (CCFF) where the Bank of England buys debt [...]
Barclays boss: Government prepared to go ‘well beyond’ £330bn in business support April 29, 2020 Barclays boss Jes Staley has said that the government is prepared to go “well beyond” its initial £330bn coronavirus business rescue package, labelling its efforts so far “an extraordinary tsunami”. Speaking to analysts this morning, Staley said: ‘£330bn was a first indicative number, but I think it’s pretty clear that they are willing to go [...]
Primark to cut 400 jobs across the UK as part of overhaul of management team January 20, 2022 Primark owner Associated British Foods has reported a 16 per cent boost in group revenues for the 16 weeks up to 8 January 2022.
CBILS: Three ways SMEs can avoid a coronavirus loan rejection July 27, 2020 It has been nearly four months since the Treasury introduced the Coronavirus Business Interruption Loan Scheme (CBILS) in a bid to help firms through the pandemic. The scheme did not arrive without criticisms, coming under fire for what its critics called its unclear eligibility criteria and demanding personal guarantees. While some issues have since been [...]
Sunak and Carney hold banking summit to discuss coronavirus outbreak March 12, 2020 The Chancellor and the Governor of the Bank of England held a banking summit today to discuss a coordinated response to support small and medium sized businesses affected by coronavirus. Mark Carney and incoming BoE Governor Andrew Bailey outlined the measures that the Bank announced yesterday morning to help mitigate the economic impact of the [...]
The City View podcast from City A.M., with Dr Gerard Lyons April 24, 2020 In this episode Christian is joined by Dr Gerard Lyons, former economic adviser to Boris Johnson. Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic. Subscribe to The City View Podcast: Apple / Google / Spotify / RSS Gerard gives his expert analysis of [...]
RBS pays out 70 per cent of government coronavirus loans April 12, 2020 The vast majority of the emergency coronavirus cash being doled out to small businesses has come from the Royal Bank of Scotland (RBS), the lender has revealed. Taxpayer-backed RBS has so far approved 2,500 loans — roughly 70 per cent — under the government’s coronavirus business interruption loan scheme (CBILS), the Sunday Telegraph reported. The [...]