Small shops face £1.7bn debt, says report by ex-boss of Iceland July 16, 2021 Small shops are struggling under £1.7bn debt, the former retail chief of Iceland, has warned. Independent businesses’ borrowing increased fourfold during the pandemic, according to the report. While the money borrowed has allowed small shops to survive, the task of paying back the loans still looms over them, said Bill Grimsey, the author of the [...]
City of London Corporation chief says 19 July will ‘restore vibrancy’ in capital July 13, 2021 The City of London’s local authority welcomed the government’s announcement that “Freedom Day” will go ahead next week, helping the capital to bounce back from the pandemic. Catherine McGuinness, the City of London Corporation’s policy chair, said: “This is a light at the end of the tunnel for the many City businesses desperate to return [...]
‘It’s a pivotal time’ November 16, 2021 Interview with Simon Kenyon, Group Ambassador for London, Lloyds Banking Group Taking the pulse of London’s financial health is not easy: for every business that’s thriving, or at least showing ‘bouncebackability’ from the pandemic, there are others struggling to keep the wolf from the door. But the economic pulse is beating a little faster inside the [...]
4 in 10 small businesses will struggle to pay Covid loan repayments, research shows June 7, 2021 Nearly 40 per cent of small businesses could be at risk of closure when repayments of the government’s Bounce Back Loan Scheme start this month. Of the businesses surveyed by Mazuma Accountants, 39 per cent said they will struggle to meet payments, while more than a quarter are downbeat about how their firm will fare [...]
Ranked: London constituencies have highest demand for Covid borrowing in UK June 15, 2021 London constituencies make up the top four UK regions which have seen the highest demand for Covid support loans, according to a new study. Business Rescue Expert collated the amount each devolved UK constituency has borrowed under the Bounce Back Loan Scheme (BBLS) and the Coronavirus Business Interruption Loan Scheme (CBILS). The City tops the [...]
UK banks bolster debt collection teams ahead of first Covid loan repayments July 6, 2021 The UK’s leading banks are bolstering their debt collection teams as the first repayments of emergency Covid loans fall due. Britain’s four largest banks have hired over 750 workers in their debt collection units in an effort to manage a wave of potential defaults. NatWest has taken on 150 extra staff to handle chasing Covid [...]
Taxpayers could lose billions through pandemic support schemes June 30, 2021 Taxpayers could lose tens of billions of pounds through support schemes set up to limit the impact of Covid-19, the committee that is responsible for overseeing government expenditure has warned in a report published today. A lack of scrutiny within Covid-19 loan schemes has “significantly increased” taxpayer exposure to fraud and error, the Public Accounts [...]
British Business Bank boss calls for more ‘risk-sharing’ in recovery loan scheme March 10, 2021 The head of Britain’s state-owned business bank has called for more risk-sharing in SME lending as she looks at combatting fraud in a new loan scheme. Catherine Lewis La Torre, who took over as chief executive of the British Business Bank (BBB) in September, told City A.M. there is a need for the market to [...]
Sunak extends Covid loan relief after BoE says £22bn may never be repaid February 5, 2021 Rishi Sunak to extend Covid loan relief with longer repayment time for small businesses
Covid-19: Cost of UK’s pandemic response climbs to £372bn May 17, 2021 The UK’s response to the coronavirus pandemic has now racked up costs of £372bn, according to the latest official estimates. In a new update to its Covid-19 cost tracker, the National Audit Office (NAO) said £372bn was the estimated total cost of emergency financial support as of May 2021. This marks an increase of over [...]