UK unveils new £20m fund for British businesses facing Brexit disruption February 11, 2021 The UK has today announced a new £20m fund for British SMEs facing post-Brexit disruption. The grants will see SMEs that trade with the EU eligible for grants of up to £2,000 each to “pay for practical support including training and professional advice”. Cabinet Office Minister Michael Gove today told MPs that some issues facing [...]
UK property developers hit with new taxes to pay for unsafe cladding removal post-Grenfell February 10, 2021 Shares in major UK property developers have fallen this afternoon, after an announcement that they will be hit with new taxes to pay for the government’s unsafe cladding removal scheme. Housing secretary Robert Jenrick today announced two new taxes on UK property developers to help pay for the government’s efforts to remove unsafe cladding from [...]
Boris Johnson tells firms to ‘wait for Budget’ for verdict on business rates holiday extension February 10, 2021 Boris Johnson has said there will be no announcement on a potential extension to the business rates holiday until the 3 March Budget. The Prime Minister told MPs today that the “government is committed to supporting businesses and people’s livelihoods throughout the pandemic” and that UK businesses should “wait for the chancellor’s Budget to explain [...]
UK admits EU’s ban on shellfish exports was ‘correct’ despite complaints February 10, 2021 The UK government has privately accepted the EU’s ban on British shellfish exports is justified, despite publicly declaring otherwise. Environment secretary George Eustice this week wrote to the EU Commissioner for food safety Stella Kyriakides to say that the ban – which applies to oysters, mussels, scallops, cockles and clams – was “legally wrong” and [...]
Half of the UK’s exporters facing difficulties due to Brexit February 10, 2021 Just under half of the UK’s exporters are having difficulties with new post-Brexit regulations, according to a new survey. A survey released today from the British Chambers of Commerce showed 49 per cent of British exports “reported issues” with the post-Brexit regime, while 51 per cent of manufacturers also said they were facing difficulties. Three-in-ten out [...]
BoE boss Andrew Bailey denies responsibility for London Capital & Finance collapse February 9, 2021 Bank of England boss Andrew Bailey has hit out at allegations that he was not quick enough to reform the Financial Conduct Authority (FCA) before the collapse of London Capital & Finance (LCF). Bailey, who was chief executive of the FCA when the mini-bond firm collapsed in 2019, said the regulator had been a “broken [...]
Michael Gove slams EU for putting ‘vaccine procurement’ ahead of Northern Ireland peace February 8, 2021 Cabinet Office Minister Michael Gove has accused the EU of putting peace in Northern Ireland at risk to try and “salvage” its slow Covid vaccine rollout. Gove told MPs today Brussels “owes its member states is a fuller explanation about why it acted in the way it did” and that the EU’s quickly rescinded call [...]
UK business groups give backing to Bounce Back Loans repayment extension February 8, 2021 The UK’s largest business advocacy groups have backed Rishi Sunak’s move to offer more generous repayment terms on £45bn of emergency Covid Bounce Back Loans. The Treasury announced yesterday that the 1.4m businesses who have taken out a Bounce Back Loan will be able to pay it back over ten years instead of six, make [...]
What are the UK-EU memorandum of understanding talks on financial services about? February 8, 2021 Last month the UK Treasury began talks with the EU to put in a place a memorandum of understanding for future financial services regulation on each side of the Channel. Much of the media discourse about these talks revolve around whether they will yield extended EU market access for the City of London, however any [...]
UK relaxes repayment terms for Covid Bounce Back Loans February 8, 2021 UK businesses that took out risk-free Covid loans will be given more generous repayment terms, after a recent warning that up to half of the £45bn in borrowing will not be paid back. The Treasury announced today that the 1.4m businesses who have taken out a Bounce Back Loan will be able to pay it [...]
