Exclusive: MPs call for clarity on Bounce Back Loan replacement as lenders shut door on SMEs October 28, 2020 An influential group of cross-party MPs has called for the government to replace the Bounce Back Loan Scheme (BBLS) as soon as possible after lenders shut the door on new applicants for the state-backed coronavirus funding. All but one of the 28 banks eligible to lend money under the scheme have closed to new customers, [...]
Fast growth tech firms won’t wait for the glacial pace of British politics September 22, 2023 Kwasi Kwarteng’s mini budget was a disaster, but he was right about the sluggish way government deals with tech.
Banks warn up to half of ‘bounce back’ borrowers could default June 1, 2020 UK banks have reportedly warned that up to half of the government’s “bounce back loans” are unlikely to be repaid. Senior bankers have estimated between 40 and 50 per cent of the bounce back borrowers could default on the debt, according to a report by the Financial Times. As businesses brace for a slow economic [...]
Exclusive: Covid support almost equal to all bank lending last year October 19, 2020 The amount of money UK businesses borrowed through the government’s coronavirus support schemes is almost equal to all bank lending for the same period last year, new figures show. Covid-related lending schemes have provided £98.2bn in credit to businesses compared to the £100.5bn that was lent during the same five-month period last year, according to [...]
COVID-19 and the economic impact on UK businesses July 23, 2021 The COVID-19 pandemic has left a lot of business struggling, but how bad is the overall outlook for them? We’ve spoken to Michelle Elliot CA, partner at FRP based in Glasgow, about whether we can expect a tsunami of insolvencies or if UK businesses are coping better than expected. Michelle is a Chartered Accountant and [...]
UK businesses borrowed more in one quarter than in whole of 2019 October 6, 2020 British businesses borrowed 50 per cent more in the second quarter of 2020 than in the whole of the previous year as the coronavirus crisis hammered the economy, new figures show. Businesses borrowed a total of £34.5bn in the three months to the end of June, according to a report by banking lobby group UK [...]
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, [...]
Regulator extends mortgage payment holiday ahead of lockdown November 2, 2020 The financial watchdog has proposed an extension of the mortgage payment holiday for borrowers struggling to make payments, ahead of a second national lockdown
Metro Bank loans rise as capital remains below regulators’ expectations October 21, 2020 Metro Bank today reported a two per cent hike in lending for the third quarter, as the British bank warned its capital remained below buffers set out by regulators following a significant hit from the pandemic. Loans handed out by the bank climbed to £15.09bn in the three months to 30 September, up two per [...]
Government risks ‘wasting taxpayer money’ through emergency loan schemes October 26, 2020 The chair of the Business, Energy and Industrial Strategy committee has criticised the government over its management of emergency loans for businesses affected by the coronavirus pandemic. Darren Jones MP warned that unless ministers “learn lessons” from initial rounds of support, they risk “wasting more taxpayer money”. In particular, he raised concerns over the fact [...]