Coronavirus: Government launches £500m Future Fund for startups May 20, 2020 Startups that have been impacted by the coronavirus outbreak will now be able to apply for emergency support under the government’s £500m Future Fund scheme. The fund, which opened for applications today, will offer UK-based startups convertible loans of between £125,000 and £5m to support continued growth and innovation across a range of sectors. The [...]
Coronavirus: Government to lift financial assistance rules for struggling airlines March 18, 2020 The government will use emergency legislation to ensure that airlines and other industries that have been hit hardest by the coronavirus epidemic receive the support they need to survive. According to the Times, ministers will use the legislation to lift restrictions on the amount of financial support that businesses can be given. At the moment, [...]
UK coronavirus death toll jumps by 938 to pass 7,000 April 8, 2020 The UK coronavirus death toll has jumped by 938 to hit 7,097, the Department of Health has confirmed. The figure marks an increase on the 786 fatalities recorded yesterday, as the daily death toll continues to grow ahead of the Easter weekend. Health officials have warned that the long weekend could see the peak of [...]
Peacetime is over — and the war has only just begun March 18, 2020 We are still in the very early stages of this crisis and already we risk becoming desensitised to the kind of language deployed by our leaders. The Prime Minister says he’s running “a wartime government” while the chancellor tells the country “never in peacetime have we faced an economic fight like this one”. The words [...]
Airports could close without government action March 17, 2020 Airports in the UK could be forced to close if the government does not take urgent action. This warning by the Airport Operators Association (AOA) comes as travel across the world is disrupted due to coronavirus. Foreign secretary Dominic Raab has advised against “all but essential travel outside the UK for 30 days” in a [...]
Exclusive: Distillers demand cut to spirits duty in March budget March 2, 2020 A coalition of British distillers have written to Rishi Sunak to urge him to stick to his party’s election manifesto and cut spirits duty in this month’s budget. The letter – drawn up by the UK Spirits Alliance and signed by 40 of its members – asks the chancellor to “reduce the excise duty burden” to [...]
Sterling falls to six-month low as UK tightens virus measures March 17, 2020 Sterling dropped to its lowest level against the dollar in roughly six months today as the UK ramped up its measures to halt the spread of coronavirus. The pound fell as much as 0.6 per cent to $1.219 this morning — its lowest level since early September. Against the euro it edged up 0.2 per [...]
Budget 2020: Hospitality sector calls for business rates and apprenticeship levy reform February 17, 2020 The new chancellor is facing pressure from the UK hospitality industry to include plans to reform business rates and the apprenticeship levy in the upcoming budget. The industry’s trade body has urged Rishi Sunak – who was appointed as chancellor after Sajid Javid stepped down in last week’s cabinet reshuffle – to cut the business [...]
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 [...]
Heathrow’s credit rating downgraded amid coronavirus uncertainty March 27, 2020 Heathrow Airport’s long-term credit rating has been downgraded amid the reduced demand and ongoing uncertainty caused by the coronavirus outbreak. Credit rating agency Standard & Poor has announced today it is lowering Heathrow’s long-term ratings on Class A and Class B debt by one notch. Heathrow Funding Limited retains investment grade credit ratings on the [...]