London Capital & Finance investors could start receiving compensation this month May 5, 2020 Investors in collapsed mini-bond firm London Capital & Finance (LCF) could start receiving compensation this month. The Financial Services Compensation Scheme (FSCS) said today it would start issuing decisions on LCF claims relating to misleading advice given to its customers before the end of May. It said it had already started reviewing individuals claims and [...]
Coronavirus: What is the NHS contact-tracing app and how does it work? May 5, 2020 The eagerly-awaited NHS contact-tracing app has been rolled out for the first time today, with key workers on the Isle of Wight the first to trial the new technology. The smartphone app, which is available to healthcare and council workers from today and the rest of the island from Thursday, is expected to be rolled [...]
More than 100,000 UK firms apply for ‘bounce back loans’ on first day May 5, 2020 UK banks have reported huge demand for “bounce back loans” on the first day of the new coronavirus lending scheme yesterday, with more than 100,000 of Britain’s smallest businesses applying by this afternoon. The bounce back loan scheme is the latest coronavirus support package for UK firms. Launched yesterday, it offers the UK’s smallest companies [...]
Rishi Sunak: No ‘cliff edge’ to job retention scheme May 5, 2020 Rishi Sunak has moved to assure people that “there will be no cliff edge” to the government’s job retention scheme, signalling that it could be extended past June for some workers. Sunak last night said he was “working to figure out the most effective way to wind down the scheme”, which is paying the wages [...]
Coronavirus: Global trust in government surges to record high May 5, 2020 Trust in governments around the world has soared to an all-time high since January as countries continued to battle the coronavirus crisis, according to the latest research. Government trust surged 11 points to a record high of 65 per cent, as populations looked to government to take the lead on all aspects of the coronavirus [...]
Michael Spencer: PM right not to seek Brexit trade deal extension May 5, 2020 City grandee Michael Spencer has urged the government not to extend the December deadline for a Brexit trade deal, saying the Prime Minister is right “to take a hard line on this.” The billionaire financier, who voted to remain in the EU, now believes that the UK is well-placed to secure a good deal and [...]
Ryanair flies just 40,000 people in April as demand evaporates May 5, 2020 Europe’s largest low-cost carrier Ryanair revealed that passenger numbers fell 99.6 per cent in April as the coronavirus crisis continued to cripple global aviation. Last month the airline operated 600 flights, a tiny fraction of the 75,500 it had budgeted, and flew just 40,000 people. By contrast, in April last year the airline flew 13.5m [...]
Coronavirus drives UK private sector to worst month on record May 5, 2020 The UK private sector suffered its worst month on record in April, survey data has confirmed, as coronavirus lockdown measures caused demand to evaporate. The IHS Markit/Cips composite purchasing managers’ index (PMI), a closely watched gauge of the health of the economy, slumped to 13.8 in April from 36 in March, which was the previous [...]
Victoria’s Secret owner L Brands calls off £422m sale to private equity firm Sycamore May 5, 2020 Victoria’s Secret owner L Brands has called off a £422m sale of a majority stake in the lingerie business to private equity firm Sycamore, after the coronavirus crisis sparked a legal battle between the two firms. L Brands said it would focus on navigating the “extremely challenging business environment” rather than “engaging in costly and [...]
SMMT: UK coronavirus crisis wipes out April car sales May 5, 2020 New car sales have tanked 97 per cent amid the UK coronavirus crisis, according to new stats from an industry body today. That effectively means new UK car sales ground to a halt in April, the Society of Motor Manufacturers and Traders said. Just 4,321 cars were sold over the month – 70 per cent [...]