Chancellor shakes up coronavirus loan scheme after criticism of banks April 2, 2020 Chancellor Rishi Sunak said tonight that he is extending a coronavirus loan scheme for small businesses and introducing a new loan scheme for businesses with revenue up to £500m. The Treasury also said it would ban lenders from requesting personal guarantees for loans under £250,000. And Sunak pledged “operational changes” to speed up lending approvals. [...]
Arcadia furloughs 14,500 staff following coronavirus shutdown April 2, 2020 Retailer Arcadia today said it was furloughing 14,500 of its workers after it shut its stores because of the coronavirus pandemic. The Topshop-owner also said that its board and senior leadership team were taking a salary reduction of between 25 per cent and 50 per cent. Arcadia closed its physical stores two weeks ago as [...]
Podcast giant Acast doubles revenue as on-demand listening grows April 2, 2020 Podcast giant Acast doubled its revenue last year as it racked up almost 2bn listens on its growing portfolio of shows. The Stockholm-based firm, which helps podcast makers distribute and monetise their shows, reported revenue of 361m Swedish krona (£29m) in 2019, up from 180m krona the previous year. Acast, whose shows include the Adam [...]
Coronavirus: British Airways owner IAG suspends 90 per cent of flights April 2, 2020 British Airways owner IAG has said it will now suspend 90 per cent of its flights, up from the 75 per cent previously announced, as the airline industry looks to protect itself against the coronavirus outbreak. IAG joins other UK airlines such as Ryanair and Easyjet, who have both suspended all or almost all of [...]
Matt Hancock sets target of 100,000 coronavirus tests a day by end of April April 2, 2020 The government has struck a deal to work with the private sector and universities to reach a tenfold increase in daily coronavirus tests by the end of the month. Health secretary Matt Hancock unveiled a five-point plan at today’s daily press briefing to increase testing rates to 100,000 tests per day in just a few [...]
NHS issues emergency contracts for video GP services due to pandemic April 2, 2020 Patients across England will be able to see their GP via a video consultation after the NHS issued emergency contracts to health tech firms due to the coronavirus outbreak. NHS England has handed contracts to 11 providers after health officials invited companies to an emergency tender process last month. The fast-tracked deals mean GP surgeries [...]
BBC to reshow London 2012 Olympics as sports schedule collapses April 2, 2020 The BBC will reshow the London 2012 Olympics as the broadcaster battles to fill holes in its schedule caused by the cancellation of sporting events. The opening ceremony will air on BBC One and iPlayer this spring alongside a selection of highlights, including the so-called Super Saturday, when Team GB won six gold medals in [...]
Accountancy firm criticises ‘alarmist’ prediction of 800,000 coronavirus insolvencies April 2, 2020 Restructuring specialists at accountancy firm RSM said media reports that 800,000 to 1m UK businesses could collapse as a result of the coronavirus crisis are “alarmist at best”. Yesterday, the BBC, citing an unnamed accounting firm, said 800,000 to 1m businesses, a fifth of the UK total, “may soon have to close”. RSM partner Gareth [...]
Banks must engage with businesses on coronavirus loans or “be bypassed”, think tank says April 2, 2020 The UK’s banks must engage with businesses seeking coronavirus support measures or “be bypassed” by the government, a new paper has found, as pressure grows on lenders to do more to support struggling companies. The report, from think tank Policy Exchange, says that it is imperative that measures already announced by the government such as [...]
Ratings agency Fitch predicts deep recession in 2020 on back of coronavirus pandemic April 2, 2020 Ratings agency Fitch today predicted a deep global recession in 2020 following the rapid global spread of coronavirus. Fitch said it expected worldwide economic activity to decline 1.9 per cent in 2020, with US, eurozone and UK GDP down by 3.3 per cent, 4.2 per cent and 3.9 per cent respectively. It said it expected [...]
