UK coronavirus loans top £31bn but just half of CBILs approved June 2, 2020 UK businesses have borrowed £31bn from banks through the government’s coronavirus loan scheme, but the approval rate on its flagship CBILs programme is still languishing at around 50 per cent. Figures released today showed that the three main coronavirus loan schemes have helped firms access £31.3bn. The bulk has been through the “bounce-back” loan scheme, [...]
Government announces £617m grants for small businesses in shared spaces May 3, 2020 The government today announced a further £617m in grants for small companies that work in shared spaces and are not eligible for business rates relief. The departner for business, energy and industrial strategy (Beis) said the fund is aimed at small businesses with ongoing fixed property-related costs. Beis said it was asking local authorities to [...]
Calls grow for job retention scheme to be extended May 3, 2020 Calls are growing for Rishi Sunak to extend the government’s coronavirus job retention scheme past June. The scheme sees the government pay 80 per cent of people’s wages, up to £2,500 a month, for furloughed employees until the end of June. Boris Johnson next week will announce how the UK will ease social distancing restrictions, [...]
Coronavirus: Government prepared to give NHS ‘whatever it needs’ March 8, 2020 Chancellor Rishi Sunak has said the Treasury is prepared to give the NHS “whatever it needs” to combat the spread of coronavirus. Speaking just days before his first budget, Sunak gave his assurances that the government were prepared to spend as much money as necessary to stop the virus spreading further. It comes after concerns [...]
Mortgage searches skyrocket following Sunak’s stamp duty holiday announcement July 25, 2020 Mortgage searches have jumped 29 per cent over the last two weeks, after chancellor Rishi Sunak’s announcement of a reduction in stamp duty sparked potential homebuyers into action. The chancellor earlier this month unveiled an immediate stamp duty holiday for homes sold for up to £500,000 in England and Northern Ireland until 31 March next [...]
Budget 2020: What does the Red Box mean for UK tech firms? March 11, 2020 Chancellor Rishi Sunak today unveiled a raft of new fiscal measures as he vowed to deliver on the government’s promise of “levelling up” the UK. Sunak, who took over at No 11 just a month ago, put the coronavirus front and centre of his new policies as the number of cases continues to rise. But [...]
UK government considers buying equity in airlines to keep them afloat March 21, 2020 The UK government is considering buying equity stakes in airlines and other companies hardest hit by the coronavirus. It comes after warnings that the measures announced by chancellor Rishi Sunak earlier this week will not be enough to save them from collapse. The plans under consideration would see billions of pounds of taxpayer money injected [...]
Stamp duty holiday: Top London areas for potential property tax savings July 8, 2020 Chancellor Rishi Sunak is today expected to announce a stamp duty holiday in a bid to reinvigorate the UK housing market following the coronavirus lockdown. The announcement is expected to raise the stamp duty threshold from £125,000 to £500,000, according to reports. Experts have said that buyers searching for properties in more expensive areas could [...]
UK jobless claims soar by a record 856,000 to 2.1m in April May 19, 2020 UK jobless claims soared 69.1 per cent – or by 856,000 – to 2.1m in April, unemployment data showed today to illustrate the staggering impact of coronavirus on the economy. And the UK unemployment number increased by 50,000 to 1.35m as lockdown started in March, according to the Office for National Statistics (ONS). The ONS [...]
2020 Budget: ‘Borrowing to skyrocket’ despite £7bn tax bill March 12, 2020 Chancellor Rishi Sunak is unlikely to be able to deliver the huge spending growth he promised in his 2020 Budget given that his pledges were not supported by tax increases, Britain’s top fiscal think tank has said. Sunak yesterday unveiled the biggest Budget since 1992 as he seeks to tackle the fallout from coronavirus and [...]