G-A-Y launches legal challenge against 10pm curfew on hospitality venues October 5, 2020 The owner of London’s G-A-Y nightclub is set to launch a legal challenge against the government’s 10pm hospitality curfew over claims it treats the night-time economy as a “scapegoat” for the spread of coronavirus. Jeremy Joseph, owner of the London club and pub chain, today said he would pursue a potential judicial review on the [...]
Bounce Back Loans helped SMEs, but we must plan for what comes next October 4, 2020 The launch of the Bounce Back Loan scheme was a watershed moment for hundreds of thousands of SMEs across the country. It gave them what they craved — small loans straight into their bank account, with maximum speed and minimum fuss. For many SMEs, this was the first time they had managed to get financial [...]
Crime agency to probe government’s bounce back loan scheme October 2, 2020 Britain’s crime agency will investigate organised crime linked to the government’s bounce back loan scheme, launched to help businesses through the pandemic. The bounce back loan scheme, which launched in May, allows SMEs to borrow up to a quarter of their annual turnover, capped at £50,000. The scheme has proved the most popular form of [...]
State-owned bank raised concerns over bounce back loans’ fraud risk September 30, 2020 The state-owned British Business Bank issued formal objections to the government’s coronavirus Bounce Back Loan and Future Fund schemes ahead of their launch, newly-released documents show. In letters sent to business secretary Alok Sharma in May, BBB chief executive Keith Morgan raised concerns including the BBL scheme’s “very significant fraud and credit risks” and whether [...]
Exclusive: MPs slam ‘inconsistency and incompetence’ as SMEs struggle to get bounce back loans September 28, 2020 Banks have been told to ensure that no small businesses are “locked out” of government-backed coronavirus loans, after firms were left unable to access the loans despite being eligible for funding. MPs said lenders accredited under the scheme should re-open applications for bounce back loans (BBLs), designed to help small companies weather the pandemic. Barclays [...]
Small business would suffer from a capital gains tax hike – not just investors September 28, 2020 Capital gains tax (CGT) increases were reported to be in the chancellor’s sights before the Autumn Budget was cancelled to allow Rishi Sunak to focus on his winter economic plans. However any changes to CGT down the line could discourage small business investment just when it is needed most, says Claire Madden. Has there ever been a [...]
Coronavirus loans: Labour shadow minister calls for extra assistance September 22, 2020 The government should look to alter its coronavirus emergency loan schemes to assist companies that may struggle to pay back their debts, according to a Labour shadow cabinet member. Shadow chief secretary to the Treasury Bridget Phillipson told City A.M. in a wide-ranging interview that some firms are “are in a much more fragile position [...]
Night-time businesses slam 10pm curfew as ‘devastating’ September 22, 2020 Businesses in the UK’s night-time economy have slammed the Prime Minister’s announcement of a 10pm curfew on venues for up to six months as “devastating”, and warned that it will lead to wide-scale business collapse and unemployment. Boris Johnson today announced a 10pm curfew on all hospitality and leisure venues in England in a bid [...]
Business groups call for further support as UK tightens restrictions September 22, 2020 The government must set out a new support package as new restrictions threaten to derail the economic recovery, business groups have warned. Addressing the House of Commons today, Boris Johnson dealt a devastating blow to the hospitality sector as he unveiled plans for a 10pm curfew. And as he warned of a second wave of [...]
Government to extend coronavirus loan schemes as cases jump September 21, 2020 Chancellor Rishi Sunak is set to extend the government’s coronavirus loans schemes in an effort to protect the UK economy during a possible second wave of Covid infections. The four business loans schemes will be extended for applications until the end of November, the Financial Times reported. Banks will be allowed to process the loans [...]