CBILS application process ‘soul destroying’, says director of film industry business April 23, 2020 The process of applying to the lenders administering the coronavirus business interruption loan scheme (CBILS) has been “soul destroying,” the director of a small film industry business has said. Diane Nyiry of Devon-based Cine Power International told City A.M.: “I have been shocked at the way the banks have been behaving, they haven’t been very [...]
Coronavirus loans double to £2.8bn but only half are approved April 23, 2020 Banks have approved less than half of applications for coronavirus loans, as industry figures warn firms risk missing out. Loans for businesses increased £1.45bn in the week from 14 April to 21 April. It brings total lending under the Coronavirus Business Interruption Loan Scheme (CBILS) to £2.8bn, according to UK Finance data. Over 9,000 loans [...]
Hiscox faces legal action over coronavirus business interruption claims April 22, 2020 The Night Time Industries Association, which represents bars and clubs across the UK, has launched legal action against Hiscox, alleging the insurer has refused to pay out for claims during the coronavirus pandemic. The organisation is arranging class action against the insurer, which it said has denied liability under its business interruption policy. All night [...]
UK banks slammed by Tory backbencher for not acting in national interest April 22, 2020 The UK’s banking sector has been criticised for not working in the national interest as some banks move to rapidly raise overdraft interest fees. Tory backbencher Peter Bone slammed the nation’s banks at today’s Prime Minister’s Questions (PMQs) for hiking interest rates on overdrafts while many struggle during the coronavirus crisis. Some banks have increased [...]
David Buik: Tories could lose next election over coronavirus loans delays April 22, 2020 Top City commentator David Buik has warned the slow payment of coronavirus loans to businesses could mean the Tories lose the next election. The City of London’s veteran financial pundit has urged chancellor Rishi Sunak to “rethink” the government’s stance on loans to businesses hit by coronavirus, with UK lending far outstripped by other countries. [...]
The Long Read: The coronavirus loan scheme risks failing the people it was designed to help April 19, 2020 When the chancellor, Rishi Sunak, vowed that the government would do “whatever it takes” to keep businesses alive during the pandemic, the immediate reaction from corporate Britain was one of relief. The pledge to pay the wages of employees unable to work and the ambition behind the £350bn package of support (combining grants, sector-specific relief [...]