RBS extends business account switching deadline amid coronavirus June 23, 2020 Royal Bank of Scotland (RBS) has given business customers another six months to switch their accounts to other banks under the terms of its financial crisis state aid package. RBS said fewer customers have used the Incentivised Switching Scheme to swap banks during the pandemic. As a result the deadline for switching applications will be [...]
Getting small businesses match fit for economic recovery June 23, 2020 The coronavirus pandemic is having a profound shock on the economy, with UK GDP dropping by a record 20.4 per cent in April. Businesses of all sizes have been shaken, with many — especially smaller ones — struggling to survive. It has also become clear that there is no longer a separate digital economy and [...]
Amazon launches accelerator for UK startups and small businesses June 23, 2020 Amazon has today launched an accelerator programme for the UK’s small businesses and startups, aimed at providing them with digital tools to recover lost income during the coronavirus crisis. Launched in partnership with small business support network Enterprise Nation, the Amazon Small Business Accelerator will operate a free online training programme for 200,000 businesses. The [...]
Exclusive: Westminster denies firms business rates relief for empty offices during lockdown June 17, 2020 Central London companies whose staff abandoned offices to work remotely during the coronavirus lockdown have been refused business rates relief, City A.M. can reveal. Westminster City Council has refused to grant the relief to office-based businesses such as accountants, law firms, and consultancies despite their workspaces remaining empty over the period. The move has sparked [...]
Exclusive: Government review delays announcement that pubs can reopen June 17, 2020 Downing Street’s plan to announce earlier this week that pubs and restaurants could open on 4 July was delayed by a government review, putting hundreds of thousands of jobs at risk. City A.M. understands that Covid-19 operating guidelines for England’s hospitality sector have been drawn up by the government and are ready to distribute. However, the [...]
Half of businesses set to lay off staff once furlough ends June 17, 2020 More than half of all UK businesses will be forced to lay off staff within three months once the government’s furlough scheme ends, a new poll has revealed. According to YouGov data, 31 per cent of business leaders said a fifth or more of their staff could go, while 21 per cent said almost a [...]
Businesses are cautiously optimistic as downturn in activity eases June 17, 2020 Signs of a turnaround in business activity has prompted UK firms to feel more optimistic about the outlook for the next few months. Natwest’s small business activity index shows small steps towards recovery. The index monitors output at private sector firms with between one and 49 employees in the services, construction and manufacturing industries. It [...]
Coronavirus loans: UK companies borrow £38.4bn to survive lockdown June 16, 2020 British companies have borrowed £38.4bn under the government’s three emergency credit programmes since the coronavirus pandemic struck. However, the approval rate for coronavirus business interruption loans (CBILS) remains just over half, with 51 per cent of the loans being allowed. Meanwhile, the bounce back loan scheme, which supports small businesses with 100 per cent state-backed [...]
Small businesses worry they won’t bounce back from coronavirus June 15, 2020 Small business owners are concerned they will not be able to bounce back from the coronavirus pandemic, even as the economy starts to reopen. A survey commissioned by Visa found that 56 per cent of small business owners are worried about long lasting damage to their firms as coronavirus ravages the economy. These worries are [...]
Majority of businesses expect growth to slump after coronavirus passes June 15, 2020 British businesses are pessimistic about their growth once the coronavirus crisis passes, as they continue to face significant obstacles to running normal operations. A survey commissioned by UK Finance and undertaken by BDRC found that the Covid-19 crisis has negatively impacted nearly 70 per cent of businesses in Britain. Three out of five (60 per [...]