Coronavirus loans: George Osborne calls for future government ‘debt forgiveness’ programme June 3, 2020 The government should implement a future “debt forgiveness” programme for companies borrowing through its coroanvirus loan schemes, according to former chancellor George Osborne. Osborne said small and micro businesses “who are engines of growth” should have their debts written off in several years’ time if they are still carrying debt burdens from the government’s emergency [...]
UK faces protracted recovery without action on business debt, says IoD June 3, 2020 Action must be taken to tackle the burden of debt on small and medium-sized businesses to avoid a protracted economic recovery, says the Institute of Directors (IoD). The institute has called on the government and banks to help tackle the “debt mountain” otherwise the UK faces an even slower path to economic recovery. In a [...]
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, [...]
Vodafone offers six months’ free broadband to small businesses June 2, 2020 Vodafone today said it will offer six months of free broadband to small business customers in a bid to help firms return to work following the Covid-19 crisis. The telecoms group will make its business broadband package free for six months with unlimited usage, while the package also includes six months of Microsoft 365 business [...]
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 [...]
City urges government to hand coronavirus loans to firms hit by EU state aid rules June 1, 2020 UK business groups have urged the government to find a way around EU state aid rules that have stopped British businesses from receiving coronavirus loans. The CBI, British Retail Consortium and UK Hospitality have written to economic secretary John Glen urging him to extend the coronavirus loans scheme to firms that have failed to secure [...]
Sunak: Employers to contribute to furlough scheme from August May 29, 2020 Chancellor Rishi Sunak this afternoon announced that firms will have to begin contributing towards the government’s furlough scheme from August. Speaking at today’s coronavirus press conference, Sunak laid out a raft of changes to the Treasury’s job retention programme, the cornerstone of the government’s economic response to the crisis. In August, firms will only be [...]
Sunak set to tell employers to contribute to furlough scheme payments May 29, 2020 Chancellor Rishi Sunak is expected to tell employers today that they will have to start contributing to the government’s massive furlough scheme which is paying the wages of millions of UK workers. Sunak will say companies must pay between 20 per cent and 30 per cent of the costs of the programme – the centrepiece [...]
More than 100 MPs call for extension to self-employed relief package May 29, 2020 A group of 113 MPs have signed a letter urging chancellor Rishi Sunak to extend the £6.8bn coronavirus relief package for self-employed workers. The letter, written by Labour MP Siobhain McDonagh, said people across the country would be “left without work and without support” if the scheme is not extended past its current June end [...]
Two-fifths of UK SMEs at risk of permanent closure, survey finds May 28, 2020 The coronavirus crisis will cost the UK’s small and medium sized businesses an average of around £12,000, according to a survey which shows that two fifths of such firms are at risk of closing permanently. A poll of 3,700 small and medium-sized enterprises (SMEs) by business insurer Simply Business showed that firms reckon the cost [...]