Treasury: Furlough scheme now covers 8.4m workers May 27, 2020 The number of people covered by the government’s job retention furlough scheme has risen to 8.4m, the Treasury revealed today. The new figure marks an increase of 400,000 people on last week’s update, with over 1m companies using the scheme. In addition, the value of such claims has now risen to a total of £15bn, [...]
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 [...]
CBILs failings are leading us to catastrophe May 26, 2020 Ranald Macdonald is a restaurateur and Managing Director of Boisdale Group The UK is sleepwalking into a financial disaster of biblical proportions that will exacerbate the economic effects of Covid many times over. Other leading nations, like Germany, the US and France, will avoid this calamity as they have been far more successful in ensuring [...]
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 [...]
Coronavirus: Over half of UK firms cannot reopen fully, survey shows May 20, 2020 Almost 50 per cent of UK firms are only ready to partially reopen their businesses as the government lifts the coronavirus lockdown, a survey has shown, with one in 10 saying they cannot restart at all due to Covid guidelines. The survey, from the British Chambers of Commerce (BCC), also showed that 85 per cent [...]
£500m Future Fund launch mired by fears startups will miss out May 20, 2020 Future Fund, the government’s £500m answer to startups’ need for cash to survive coronavirus, is set to launch today – but risks freezing out a swathe of British firms, entrepreneurs and investors have warned. That many startups cannot yet demonstrate a turnover, and that they typically rely on equity investment for cash flow, excludes most [...]
Coronavirus loans hit £22bn, but just 50 per cent of CBILS lending approved May 19, 2020 UK banks have only approved 50 per cent of applications to the coronavirus business interruption loan scheme (CBILS), data showed today, even as overall lending hit £22bn. CBILS lending data showed British lenders have distributed that cash to more than half a million UK companies, with over £14bn lent out in the form of bounce [...]
Coronavirus loan cap increased to £200m for mid-sized firms May 19, 2020 The Treasury has raised the amount mid-sized companies can borrow through the coronavirus loan scheme to £200m, up from £50m. The changes to the coronavirus large business interruption loan scheme (CLBILS) come into force next week, ministers said. The CLBILS scheme is targeted at mid-sized companies that do not qualify for the Bank of England’s [...]
More than £6bn paid out as part of self-employed relief package May 18, 2020 More than £6bn has been paid out to more than 2m of the UK’s self-employed workers under the government’s coronavirus support scheme. Chancellor Rishi Sunak announced the updated figure today and confirmed there would be no change to the scheme’s £50,000 cut-off. The scheme sees the government hand over a taxable grant worth 80 per [...]
Job market set for ‘significant’ downturn despite furlough scheme May 18, 2020 The UK job market is set for a “significant turn for the worse” over the next three months, a new report from the Chartered Institute of Professional Development (CIPD) has found. According to the research, more than half of private sector firms are preparing to freeze pay for the next 12 months, while hiring intentions [...]