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 [...]
On the brink: SMEs cut off from bounce back loans as banks close to new customers October 6, 2020 Small businesses are being shut out of potentially life-saving bounce back loans (BBLs) because lenders are turning down new customers, despite the funds being fully guaranteed by the government. City A.M. has spoken to a number of businesses who have had applications to set up new business accounts with lenders rejected, often without explanation. Many [...]
Bank and government support to UK firms tops £100bn September 22, 2020 Struggling UK companies have now received more than £100bn worth of support from banks and the government through various coronavirus stimulus schemes, official figures have shown. UK banks have lent out more than £58bn to hard-hit companies through the government-backed coronavirus loan schemes, according to Treasury figures out today. HMRC figures showed that companies have [...]
Hotels, restaurants and pubs ‘optimistic’ about bounce back in trading March 8, 2021 Many hotel, restaurant and pub firms are “optimistic” about the future despite the pressures of the Covid-19 crisis, with most expecting trading to bounce back by the end of the year, a survey showed. Hotel businesses had the most positive outlook, with 83 per cent of the operators surveyed saying they were confident about future [...]
Provident Financial to shut doorstep lending arm after 141 years as it crashes to loss May 10, 2021 Troubled sub-prime lender Provident Financial today confirmed plans to shutter its doorstep lending arm as it reported a hefty loss for the full year. The Bradford-based company said it was withdrawing from the home credit market after 141 years, adding that it has begun a consultation process for 2,100 employees. “In light of the changing [...]
Exclusive: MPs slam ‘inconsistency and incompetence’ as SMEs struggle to get bounce back loans September 28, 2020 Banks have been told to ensure that no small businesses are “locked out” of government-backed coronavirus loans, after firms were left unable to access the loans despite being eligible for funding. MPs said lenders accredited under the scheme should re-open applications for bounce back loans (BBLs), designed to help small companies weather the pandemic. Barclays [...]
Banking industry group UK Finance names David Postings as new boss October 7, 2020 UK Finance, the banking lobby group, has appointed David Postings as its new chief executive to help steer the industry through the Covid-19 crisis. Postings, who recently stepped down as global chief executive of Bibby Financial Services, will take up the role at the start of next year, UK Finance said. He had previously held [...]
FSB: banks must ‘step up’ support for new Bounce Back Loan applications October 30, 2020 The Federation of Small Businesses (FSB) has called for the government to introduce further support measures and for banks to “step up” to ensure small businesses can access the financing they need. The organisation said it was “particularly concerned” by the number of small businesses that were struggling to access government-backed Bounce Back Loans (BBLs) [...]
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 [...]
FCA amps up crackdown on coronavirus-related fraud October 6, 2020 The Financial Conduct Authority (FCA) has ramped up efforts to crack down on coronavirus-related fraud during the pandemic through the rollout of two new sandbox services. Sandboxes allow companies to innovate new products without being subject to usual regulation, allowing them to test financial services before developing them globally. The FCA’s two new sandboxes, launched [...]