Businesses still struggling to access coronavirus loan scheme, says BCC April 15, 2020 Only two per cent of businesses have successfully managed to access the government’s coronavirus business interruption loan scheme (CBILS), according to a survey published today. Nine per cent of respondents to the survey by the British Chamber of Commerce (BCC) said they were unsuccessful with slow or no response from lenders the main reason cited. [...]
OECD boss: Coronavirus crash will not be as bad as Great Depression April 19, 2020 The coronavirus economic downturn will be “very bad”, but not as bad as the Great Depression despite fears to the contrary, according to the head of the Organisation for Economic Co-operation and Development (OECD). Angel Gurria, secretary-general of the OECD, said today that the impending global economic crash will not last for four years like [...]
Lending through UK coronavirus scheme hits £1.1bn after three weeks April 15, 2020 The UK’s coronavirus business loan scheme has picked up after firms complained it was not working, with £1.1bn lent out to 6,020 small and medium-sized companies as of yesterday. Banking body UK Finance today said total lending under the scheme has grown by £700m in the last week after criticism of the programme led the [...]
Why staying close to your accountant matters more now May 13, 2020 Accountants exist to ensure the accuracy of financial statements and advise how to save money or boost revenue. The coronavirus pandemic, then, with its profound and deepening impact on the economy has jolted the profession like all others. Depending on their role, accountants have been battling to keep on top of the unprecedented flurry of [...]
Ocean Outdoor revenue drops as coronavirus hits advertising industry June 8, 2020 Digital advertising group Ocean Outdoor today reported a dip in revenue for the first quarter of 2020 as demand for advertising continues to nosedive amid the coronavirus crisis. The figures The billboard giant announced that group revenue sank four per cent to £27.4m in the first quarter of 2020 on a pro-forma basis, down from [...]
Go-Ahead shares plummet after company hid £25m of taxpayer funding September 29, 2021 Go-Ahead group shares fell by 24.93 per cent after it was revealed that the Southeastern train operator had hidden taxpayer funding from the Treasury. The government has announced it will take control of the Southeastern rail contract after the transport company admitted financial errors and repaid £25m of historic taxpayer funding which should have been [...]
The City View podcast, from City A.M., with Stephen Jones – CEO of UK Finance May 8, 2020 Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic. In this episode, Christian is joined by Stephen Jones, CEO of banking industry group UK Finance, which is at the heart of the Coronavirus Business Interruption Loan Scheme (CBILS). Subscribe to The City View Podcast: [...]
Watch: Christian May discusses the problems with the CBILS scheme May 14, 2020 City A.M. editor Christian May has said UK SMEs are hitting a brick wall trying to access the Coronavirus Business Interruption Scheme (CBILS), and warned there may be further trouble ahead. The CBILS scheme allows companies to apply for a loan through 60 accredited lenders to stay afloat during the coronavirus crisis. But issues with [...]
Coronavirus: UK government borrowing could top £300bn, says think tank April 21, 2020 UK government borrowing could hit £300bn this year as tax receipts collapse and the Treasury pumps money into the economy to tackle the fallout from coronavirus, according to a new report. The £300bn figure, produced today by the Centre for Policy Studies (CPS) think tank, would be by far the biggest budget deficit since World [...]
The City View podcast, from City A.M., with Martin Gilbert April 28, 2020 In this episode Christian talks to City veteran Martin Gilbert on the eve of his departure from Standard Life Aberdeen, the £550bn investment management giant. Subscribe to The City View Podcast: Apple / Google / Spotify / RSS Martin founded Aberdeen Asset Management in 1983 and became co-CEO of SLA after a 2017 merger with Standard [...]