Small businesses borrow £18bn in three weeks under Bounce Back Loan Scheme May 27, 2020 Small and medium-sized businesses have borrowed more than £18bn under the government’s Bounce Back Loan Scheme (BBLS) in its first three weeks of operation. The BBLS was introduced by chancellor Rishi Sunk after criticism that the existing Coronavirus Business Interruption Loan Scheme (CBILS) was not being made accessible to many businesses by the banks administering [...]
Boris Johnson’s approval rating plunges following Dominic Cummings scandal May 26, 2020 Prime Minister Boris Johnson’s approval rating for his handling of the coronavirus crisis has plunged following the revelations about his chief adviser Dominic Cummings, a poll published today found. A poll from Savanta found that Johnson’s approval rating for his handling of the crisis is now below zero (minus one per cent), having dropped 20 [...]
Treasury extends CLBILS loan size to £200m as total support hits £32bn May 26, 2020 The Treasury is extending the CLBILS loan size to £200m after announcing more than £32bn in loans and guarantees have been awarded to UK firms. Chancellor Rishi Sunak today announced that businesses have benefitted from over £32bn in loans and guarantees to support them during the coronavirus crisis. With lockdown restrictions limiting business, Sunak introduced [...]
UK will ask employers ‘to pay 20-30 per cent’ of furlough wages May 23, 2020 The UK has drawn up plans to require employers to cover 20 per cent to 30 per cent of furloughed employees’ wages from August, it is reported. That would help reduce the vast burden of the coronavirus crisis on government finances, The Times newspaper reported. The UK on May 12 extended its job retention scheme [...]
Mortgage payment holidays extended until October May 22, 2020 The financial watchdog has today extended payment holidays to support those struggling to pay their mortgage due to coronavirus. The Financial Conduct Authority (FCA) said banks can extend the mortgage holidays for a further three months up to the end of October. It comes after chancellor Rishi Sunak extended the furlough scheme to October to [...]
Revealed: The most applied-for jobs during the Covid-19 crisis May 21, 2020 Delivery drivers and warehouse workers are among the roles that have received the highest number of job applications during the Covid-19 crisis, a new report has revealed. Data published today by Linkedin showed that critical frontline jobs have been inundated with applications as companies respond to shifting demand during the lockdown. Delivery drivers were the [...]
Boris Johnson sparks cabinet reshuffle confusion with PMQs comments May 20, 2020 Boris Johnson said today that he wanted more women in government before appearing to say that a cabinet reshuffle may be on the way. When asked about the potential for increased involvement of women in government, the Prime Minister said he had “taken dramatic action even before a reshuffle” and pointed out two female appointments [...]
Coronavirus: The future fund needs a 2.0 May 20, 2020 The month between the announcement of the Future Fund – part of the government’s billion-pound package of financial support for innovative firms hit by the fallout of the coronavirus pandemic – and its opening for applications today has seen concerted lobbying from those concerned that it will fail to work as intended. I share those [...]
UK inflation rate plunges to lowest level since 2016 amid coronavirus May 20, 2020 The UK inflation rate tumbled from 1.5 per cent in March to 0.8 per cent in April as coronavirus pushed Britain into lockdown, according to data out today. Collapsing oil prices contributed to the plunge in the consumer prices index (CPI) that determines the inflation rate, the Office for National Statistics (ONS) said. It fell [...]
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 [...]