Bank of England injects £1.9bn into UK companies via coronavirus scheme April 2, 2020 The Bank of England has injected £1.9bn into UK companies since 23 March via its short-term lending programme, figures have shown, as it tries to shore up the economy amid the coronavirus outbreak. The lending comes via the Bank’s covid corporate finance facility (CCFF), through which it buys companies’ short-term debt, known as commercial paper. [...]
Standard Chartered boss says US and UK ‘too late’ with coronavirus lockdowns April 2, 2020 Standard Chartered boss Bill Winters today criticised the response of authorities in the UK and US to the coronavirus pandemic. Winters said the US and UK had acted “too late” with their measures to contain the virus. “I find it interesting to listen to the debate now that we in the West, or in the [...]
Calls grow for coronavirus loans rethink as almost half of UK firms see revenues sink April 2, 2020 Nearly half of all UK businesses have seen their revenue fall due to the coronavirus pandemic, a new survey has shown, amid calls for government to make it easier for struggling businesses to access loans critical to their survival. Office of National Statistics (ONS) data found 45 per cent of UK businesses saw revenues drop [...]
The impact of coronavirus on dividends April 2, 2020 As UK banks temporarily suspend all dividend payments, we discuss the effect coronavirus could have on a vital source of income for investors. What’s happening to dividends? The coronavirus crisis and oil price war are having a profound impact on economic growth and the cash position of companies. Many businesses in the most affected sectors [...]
Southend Hospital will ‘restrict services’ without more protective equipment April 1, 2020 Staff at Essex’s Southend Hospital have warned they may have to limit services if they do not receive more protective equipment to treat coronavirus patients. Frontline staff at the hospital wrote to management to say that if they did not get an increase in personal protective equipment (PPE) by the end of the day they [...]
Ex-chancellor Alistair Darling calls for coronavirus VAT cut April 1, 2020 Former Labour chancellor Alistair Darling has called for the government to temporarily cut VAT to help people deal with the economic fallout from the coronavirus crisis. Darling, who was chancellor during the 2008 financial crisis, told a virtual Policy Exchange event today that the Treasury had to start doing “things that can be done fairly [...]
What is ‘fake’ and what is ‘real’ in financial markets? April 1, 2020 I re-watched the Orson Welles docudrama ‘F for Fake’ the other day. The 1973 film is an exploration of what is fake and what is real in the art world. I was curious to see how it held up in the age of fake news. Well, the movie doesn’t have much to say about fake news, but it does [...]
Coronavirus: UK bank shares take a hit after dividend suspension April 1, 2020 Investors have pummelled UK banks today, sending the FTSE 350 banks index tumbling after lenders suspended dividend payments amid the coronavirus crisis. Barclays, HSBC, Lloyds, Royal Bank of Scotland, Standard Chartered and Santander all halted payouts yesterday following pressure from the Bank of England’s Prudential Regulation Authority (PRA). Traders have today responded by selling the [...]
Coronavirus: Barclays, Lloyds, HSBC and RBS suspend dividends March 31, 2020 Barclays, the Royal Bank of Scotland, HSBC and Lloyds Banking Group said tonight they are suspending dividend payments this year because of the coronavirus pandemic. The banks said they had taken the decision after a request from the Bank of England’s Prudential Regulation Authority (PRA). The PRA also said it expected the banks to suspend [...]
Coronavirus: CBI calls for urgent economic relief for ‘stranded middle’ businesses March 31, 2020 Support must be given to “stranded middle” businesses who are not eligible for the government’s coronavirus relief package and are at risk of going bust, according to the CBI. The government’s £330bn business interruption loan scheme is open to companies with revenue of less than £45m, while large investment grade companies can access the Bank [...]