Coronavirus business loans: Liberal Democrats leader calls for ‘loan marketplace’ April 27, 2020 The Treasury should create a “loan marketplace” to better facilitate the coronavirus business loan scheme, according to Liberal Democrat leader Ed Davey. Davey today called for the government to create a website for businesses to browse a wide range of emergency loan options from different banks, similar to websites such as Compare the Market does [...]
UK banks ease coronavirus business loan requirements April 27, 2020 The UK’s biggest banks have said they will ease their lending conditions to make it easier for small businesses to access cash through the coronavirus business loan schemes, after chancellor Rishi Sunak offered 100 per cent guarantees to the smallest businesses. The coronavirus business interruption loan scheme (CBILS) has been criticised by many firms who [...]
UK events industry calls for access to government support amid business collapse fears April 27, 2020 The UK events industry has urged the government to provide clarification on the financial support available for the sector, amid concerns that thousands of businesses could collapse over the next three months. Chancellor Rishi Sunak confirmed in the House of Commons last month that event hire firms are eligible for the business rates holiday and [...]
Rishi Sunak unveils 100 per cent state-backed ‘bounce back loans’ for small businesses April 27, 2020 The UK’s smallest businesses will have guaranteed access to loans of up to £50,000 within 24 hours of applying, chancellor Rishi Sunak announced today. The new “bounce back loans” will be 100 per cent guaranteed by the Treasury, meaning the government will take on all the default risk, and will be available from next Monday [...]
Private equity groups: EU state aid rules could block coronavirus loans April 27, 2020 Private equity firms are increasingly concerned that viable but highly-indebted or loss-making British firms, potentially including high-street names, will be ruled out of coronavirus business loan schemes due to European Union state aid rules. European lobbying groups representing the industry are set to write to the EU this week to try to ensure such firms [...]
Coronavirus: Government must be more imaginative to save small businesses April 27, 2020 The Coronavirus Business Interruption Loan Scheme (CBILs) was launched to much fanfare, with people lining up to praise the far-sighted, generous nature of the programme and proclaim how much it would do for small business. A staggering £330 billion was set aside for interest-free loans, with the Government willing to sit behind 80 per cent [...]
Retailers call on government to withdraw ‘disastrous’ business rates bill April 27, 2020 A coalition of retail organisations today called on the government to ditch a business rates bill they say would be “disastrous”for the high street. The Non-Domestic Rating (Lists) Bill brings forwards the next revelation of business rates for 2.08m non-domestic properties in England and Wales to 1 April 2021. If the bill receives asset, it [...]
Exclusive: Liberal Democrats push government to set clear coronavirus loan scheme guidelines April 26, 2020 The Liberal Democrats have led a group of 25 cross-party MPs in demanding the government sets uniform lending requirements for its coronavirus business loan scheme in order to increase the speed at which banks approve loans. Liberal Democrat MP Wera Hobhouse wrote to business secretary Alok Sharma to urge him to “specify a minimum level [...]
PM’s ex-economic adviser urges govt to go ‘further’ on coronavirus loans April 24, 2020 A former chief economic adviser to Boris Johnson has urged the government to underwrite 100 per cent of coronavirus business loans. Speaking exclusively to City A.M. editor Christian May on the City View podcast, Dr Gerard Lyons called on the government to do more to funnel loans to small businesses hit by coronavirus. Lyons said [...]
The City View podcast from City A.M., with Dr Gerard Lyons April 24, 2020 In this episode Christian is joined by Dr Gerard Lyons, former economic adviser to Boris Johnson. Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic. Subscribe to The City View Podcast: Apple / Google / Spotify / RSS Gerard gives his expert analysis of [...]