Government risks ‘wasting taxpayer money’ through emergency loan schemes October 26, 2020 The chair of the Business, Energy and Industrial Strategy committee has criticised the government over its management of emergency loans for businesses affected by the coronavirus pandemic. Darren Jones MP warned that unless ministers “learn lessons” from initial rounds of support, they risk “wasting more taxpayer money”. In particular, he raised concerns over the fact [...]
Payouts from government’s Covid-19 lending programmes hit £62bn October 22, 2020 The total value of loans paid out under the government’s coronavirus business lending schemes hit almost £62bn last week, new data showed. UK banks had lent a total of £61.9bn to businesses struggling with the impact of the Covid-19 pandemic as of 18 October, up from £57.3bn the previous month, according to figures from the [...]
Metro Bank loans rise as capital remains below regulators’ expectations October 21, 2020 Metro Bank today reported a two per cent hike in lending for the third quarter, as the British bank warned its capital remained below buffers set out by regulators following a significant hit from the pandemic. Loans handed out by the bank climbed to £15.09bn in the three months to 30 September, up two per [...]
Exclusive: Covid support almost equal to all bank lending last year October 19, 2020 The amount of money UK businesses borrowed through the government’s coronavirus support schemes is almost equal to all bank lending for the same period last year, new figures show. Covid-related lending schemes have provided £98.2bn in credit to businesses compared to the £100.5bn that was lent during the same five-month period last year, according to [...]
Falling through the cracks: How Covid-19 has put London’s events sector on the brink October 19, 2020 Perched on the banks of Regent’s Canal, Kings Place is — in normal times — one of London’s most popular events venues. From conferences and concerts to dance workshops and comedy shows, the glass-fronted building has played host to an array of spectacles in recent years. But since the coronavirus lockdown descended in March, Kings [...]
Barratt reports strong forward sales as housing market recovers October 14, 2020 Barratt Developments (BDEV) has reported an increase in forward sales as the housing market bounced back from the first wave of coronavirus restrictions. The housebuilder said total forward sales as of 11 October increased 16.7 per cent to 15,135 homes at a value of £3.7bn. It also reported a 20.8 per cent increase in its [...]
Major Tory donor, head of Garden Bridge and Brexit advisers receive top gongs in Queen’s Birthday Honours list October 9, 2020 One of the largest Conservative party donors, the head of the failed £40m Garden Bridge and 10 Brexit advisers were among the senior figures to receive awards in this year’s Queen’s Birthday Honours list. Tony Gallagher, who has donated almost £4m to the Conservative party over the last 13 years, was awarded a knighthood for [...]
Banking industry group UK Finance names David Postings as new boss October 7, 2020 UK Finance, the banking lobby group, has appointed David Postings as its new chief executive to help steer the industry through the Covid-19 crisis. Postings, who recently stepped down as global chief executive of Bibby Financial Services, will take up the role at the start of next year, UK Finance said. He had previously held [...]
See A Film Out To Help Out: Five ways to save the film industry October 7, 2020 In this uncertain and unnerving year, there seems to be little light at the end of the tunnel, particularly for people working in the UK’s film industry. This week, Cineworld confirmed its plans to place all of its own cinemas and those of its Picturehouse brand in an unprecedented winter hibernation — meaning the loss [...]
Bounce Back Loan scheme could cost the taxpayer up to £26bn October 7, 2020 The cost to the taxpayer of the government’s emergency loan scheme for struggling small businesses could be as much as £26bn, a new report has found. According to the National Audit Office (NAO), the cost of the government’s Bounce Back Loan scheme “has the potential to be very high” through a combination of firms being [...]