UK coronavirus death toll passes 16,000 April 19, 2020 The UK’s coronavirus death toll passed 16,000 today as another 596 people in hospital died from the virus. More than 120,000 have also tested positive for the virus out of a total of 482,063 tests. Education secretary Gavin Williamson announced the new figures today as he paid tribute to people working in the education sector. [...]
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: The economy is in trouble, and there seems no plan to fix it April 17, 2020 As a rule, it is always helpful to question the usefulness of government plans—often as they are late, over-budget, over-promised and under-delivered. But when the alternative is an empty void and the government promising no light at all to what will be possible, never mind when, just an inkling of a suggestion that someone is [...]
US stocks fall after dire jobless claims data April 16, 2020 US stocks have fallen in the wake of yet more shocking employment data and as states and the federal government debate lifting coronavirus measures. The Dow Jones index was down one per cent in early trading. The S&P 500 had dropped 0.5 per cent but the Nasdaq was 0.2 per cent higher. Stocks were volatile [...]
Insurer Hastings to pay dividend despite Bank of England warning April 15, 2020 Hastings said today it would go ahead with its planned dividend despite a warning from the Bank of England to the insurance industry to think carefully before paying out cash to shareholders. Car insurer Hastings said it did not offer any lines affected by coronavirus such as travel or business interruption insurance. Hastings also said [...]
FCA warns insurers to cough up on coronavirus payouts April 15, 2020 The Financial Conduct Authority (FCA) today urged insurers to pay out for business interruption claims that covered a coronavirus shutdown. In a letter to insurance bosses, the FCA’s interim chief executive Chris Woolard warned the watchdog would be carefully scrutinising the industry’s treatment of customers. The FCA said most business interruption policies did not cover [...]
Coronavirus: Optimism in financial services craters even before impact of Covid-19 fully felt April 14, 2020 A major survey of the financial services sector showed a collapse in confidence across the industry in March, even before the full force of Britain’s lockdown measures came into effect. The CBI/PwC survey saw only 12 per cent of firms say they were more optimistic about the overall business situation compared with three months ago, [...]
City bigwigs urged to help save businesses from coronavirus collapse April 12, 2020 Dozens of the City’s most high-profile denizens have been urged to offer their support to a taskforce that will prop up businesses at risk of collapse due to the coronavirus crisis. A group of more than 40 grandees were on Thursday asked to offer assistance pro bono on everything from legal advice to asset management. [...]
Coronavirus: If we get it right, there are grounds for optimism for SMEs April 10, 2020 The Government have acted promptly and in scale to address the unprecedented crisis we face. In addition to the schemes to protect jobs and certain hard-hit sectors, such as hospitality, some of the schemes are intended for distribution through the banks. These include: Coronavirus Commercial Financing Facility (CCFF) where the Bank of England buys debt [...]
Coronavirus: The crisis could be the turning point for LawTech April 9, 2020 When we look back on the current coronavirus pandemic, we will see it as a major turning point in history. The scale of this crisis will dramatically reshape society and the entire global economy forever, for better and for worse. Our main focus should be on ensuring that the better outweighs the worse, for moments [...]