Second wave of nudge letters seeking offshore funds lands from HMRC April 2, 2020 In last month’s Budget, chancellor Rishi Sunak declared that the Treasury would raise an additional £4.7bn over five years by further combating tax evasion and avoidance. Thousands of letters were sent at the end of February by HMRC, asking individuals suspected of not disclosing offshore assets to review their affairs. This is sent along with [...]
BCC: UK businesses face cash flow crisis in coronavirus fallout April 2, 2020 Most of Britain’s small businesses have just three months or less of cash reserves as they bid to survive the UK coronavirus outbreak, according to a study released today. And firms have already experienced a “sharp and significant” fall in domestic and overseas revenue amid a global coronavirus lockdown. The British Chambers of Commerce (BCC), [...]
Treasury set to overhaul coronavirus loan scheme to avoid insolvencies April 1, 2020 The chancellor Rishi Sunak is reportedly set to overhaul the government’s emergency coronavirus loan scheme over concerns that small and medium sized businesses may go bust before they can access the funds. Sky News reported Sunak is set to announce that the requirement for banks to assess whether companies are eligible for other funding products [...]
Coronavirus: Businesses call on banks to do more as small firms face closure April 1, 2020 The business community has called for the UK’s banks to do more to support struggling smaller companies after it emerged that 20 per cent of all UK SMEs could shut within the month due to the coronavirus lockdown. Any UK small business with a turnover of up to £45m a year can, under new Treasury [...]
Coronavirus: Aerospace giants lobby for Virgin Atlantic rescue deal April 1, 2020 Several members of the UK aviation sector are lobbying the government to support Virgin Atlantic with financial aid through the coronavirus crisis, Sky News reported today. Aerospace giants Airbus and Rolls-Royce have written separately to transport secretary Grant Shapps, as has UK’s biggest airport Heathrow, asking the government to “do all it can to support [...]
Coronavirus: 20 per cent of small businesses could collapse within a month April 1, 2020 Almost a fifth of all the UK’s small businesses will collapse in the next month, despite the government’s current support measures, it is feared. According to accountancy group the Corporate Finance Network, the current coronavirus lockdown measures mean that 18 per cent of all SMEs will have to close within the next four weeks, putting [...]
Coronavirus: Imagine if the state could respond like this all the time? April 1, 2020 The effort has been extraordinary. Within a few days, entire hospitals have been constructed from scratch. Vast numbers of intensive care units and ventilators have been assembled at speed. The NHS, once a byword for bureaucracy, has been swift and nimble in getting ready for the Coronavirus emergency to come. Processes that would normally have [...]
Coronavirus: CBI calls for urgent economic relief for ‘stranded middle’ businesses March 31, 2020 Support must be given to “stranded middle” businesses who are not eligible for the government’s coronavirus relief package and are at risk of going bust, according to the CBI. The government’s £330bn business interruption loan scheme is open to companies with revenue of less than £45m, while large investment grade companies can access the Bank [...]
Coronavirus: UK airports renew calls for government aid as passenger numbers plummet March 31, 2020 The UK’s aviation sector has renewed calls for the government to do more to prop it up through the coronavirus pandemic, as new figures showed that UK passenger numbers could drop by a third in 2020. According to the International Air Transport Association (IATA), the UK is on course to see 113.5m fewer passengers pass [...]
Criminals exploit technology so why can’t law enforcement? March 31, 2020 According to Helena Wood at the Royal United Services Institute (RUSI), the UK has been “sleepwalking” through the growth of economic crime, to a point where it is a systemic national security risk. But there is technology to take the fight to criminals. Fraud accounts for one in three of all allegations of crime and [...]