Insurers accused of not ‘sharing the pain’ with businesses during coronavirus pandemic April 19, 2020 Insurers have been accused of not “sharing the pain” of UK businesses during the coronavirus pandemic. Research by insurance consultancy Mactavish found at least five commercial insurers have recently removed cover from their policies because of Coronavirus. Mactavish chief executive Bruce Hepburn said: “We have customers getting less cover and paying more for this, whilst [...]
Coronavirus: When are supermarket opening times for NHS and pensioners? April 17, 2020 As the UK heads into lockdown because of the coronavirus outbreak, supermarkets have enforced tighter restrictions and changed opening hours. Prime Minister Boris Johnson yesterday ordered all “non-essential” shops to close, leaving supermarkets one of the few stores to remain open. In recent weeks supermarkets have struggled to keep shelves replenished as consumers embarked on [...]
Andrew Bailey: Banks should ‘put their back into’ coronavirus lending April 17, 2020 Bank of England governor Andrew Bailey has sternly told banks to “put their back into” lending to struggling firms during the coronavirus outbreak. Lenders have come in for criticism that they are being too slow at handing out money through government-backed support schemes designed to stave off business collapses. Last week, City A.M. revealed that [...]
UK government extends coronavirus job retention scheme until end of June April 17, 2020 The Treasury has announced it will extend the UK’s coronavirus job retention scheme by one month until the end of June in a sign that an economic recovery may be some way off. Chancellor Rishi Sunak said it was “the right decision” after the government extended the coronavirus lockdown for another three weeks yesterday. The [...]
Rishi Sunak expands coronavirus loan scheme to include all UK businesses April 16, 2020 The government has expanded its £330bn coronavirus loan scheme to cover all financially viable UK businesses regardless of size. The Coronavirus Large Business Interruption Loans Scheme (CLBILS) will allow companies with a turnover of more than £45 million to apply for up to £25 million of finance. Firms with a turnover of more than £250 [...]
Sterling falls hard against dollar as UK prepares to extend lockdown April 16, 2020 The pound fell sharply against the dollar this afternoon as the UK looked set to extend its lockdown for a further three weeks despite signs that the peak of the coronavirus pandemic was nearing. The prospect of a further extension, which will keep the country under restrictive measures until early May at least, saw sterling [...]
BoE rate-setter: Economy to take ‘extremely large’ hit and inflation to dip April 16, 2020 The UK economy is likely to take an “extremely large” hit from coronavirus and inflation is probably going to to dip below one per cent, one of the institution’s nine rate-setters has said. The Bank has so far slashed interest rates to a record low, started buying up companies’ short-term debt and boosted its bond-buying [...]
UK must beef up coronavirus economic response, says think tank April 16, 2020 The UK government must take “further radical policy steps” to tackle the economic fallout from coronavirus, a think tank has said, amid huge uncertainty over the length of the outbreak. The Resolution Foundation praised the government’s response so far, which includes £330bn of lending and a scheme to pay furloughed workers’ wages. Yet it said [...]
Downturns this deep can take a long time to recover from, financially and mentally April 16, 2020 The stock market has declined by 25% or more on 11 occasions since 1871. The median recovery time from this point has been 1.8 years. Investors who shifted to cash after the 1929 crash faced a 34-year wait to break even, compared with 15 years for those who remained invested and less than 7 years [...]
Informa launches share issue and suspends dividend in coronavirus crisis move April 16, 2020 Exhibition and media group Informa today launched a share issue worth 20 per cent of its existing capital and suspended its dividend as it looked to bolster its balance sheet during the coronavirus crisis. The company, which is also applying for the Bank of England’s covid corporate finance facility, said the placing of up to [...]