British Business Bank issues 75,000th startup loan August 25, 2020 The British Business Bank has issued its 75,000th loan under its Start Up Loans programme, marking more than £623m invested in small business across the UK since its launch in 2012. The number of loans for small firms has risen sharply since the start of the pandemic. Between May and July a total of £31.9m [...]
Travel industry ‘desperately’ calls for help as jobs crisis looms August 24, 2020 The UK travel industry “desperately” needs more government help, with 39,000 jobs already lost or at risk due to the coronavirus pandemic, trade body ABTA has warned. The Association of British Travel Agents (ABTA) said that without “tailored support” 83 per cent of firms will be at “critical or serious” risk. Travel has been one [...]
Exclusive: Consumer goods firm Ultimate Products to repay furlough scheme wages August 24, 2020 Consumer goods firm Ultimate Products will repay all the money that it has claimed through the government’s job retention furlough scheme after outperforming expectations despite the coronavirus pandemic. City A.M. can reveal that the London-listed firm is set to give back the £465,237 it was given to keep staff on over the lockdown period, and [...]
High demand for prime property leads market rebound August 24, 2020 High demand for so-called prime property has led the UK housing market’s post-lockdown rebound, new data from estate agents Knight Frank revealed today. Since markets reopened in mid-May, the UK market has surged back at a surprisingly swift pace due to the release of a tide of pent-up demand. According to the research, the biggest [...]
Rishi Sunak to tighten Treasury assessments for new projects August 23, 2020 Rishi Sunak has threatened government departments that he will be tougher in assessing new infrastructure projects as the Treasury begins to worry about the UK’s bulging deficit. The chancellor will reportedly give the Treasury more oversight of infrastructure spending by giving more power to experts to assess projects, before they report directly to himself and [...]
UK businesses grow at fastest rate in seven years as economy reopens August 21, 2020 The UK economy bounced back sharply in August after coronavirus restrictions were lifted, with a closely-watched measure of growth hitting its highest level in almost seven years. However, companies slashed jobs at the fastest pace since May as they adjusted to life during the pandemic, in a worrying sign of what could turn into a [...]
UK’s public debt pile tops £2 trillion for first time ever August 21, 2020 The UK government’s debt exceeded £2 trillion for the first time in July and is expected to go higher as the Treasury pours unprecedented amounts of stimulus into the economy amid the coronavirus pandemic. The debt – the total amount that the government has borrowed and owes – jumped by an enormous £228bn in the [...]
Self-isolating workers need more financial support, says Sadiq Khan August 20, 2020 The Mayor of London has urged the government to provide more financial support for employees who are required to self-isolate. Sadiq Khan has today written to the Chancellor and Health secretary calling for a further package to support workers and the businesses that employ them, should they have to quarantine. He raised concerns that the [...]
Won’t somebody think of the graduates? Hard-hit young people need to go back to the office August 20, 2020 Recessions always hurt. Tragically, the one we face now looks particularly severe, its speed and scale staggering. With the furlough scheme being rolled back (its own cost to the economy astronomical), UK businesses are now having to stand in the way of an economic tsunami with little or no protection. There is no hiding from [...]
Charity sector to suffer 60,000 job losses due to coronavirus August 19, 2020 The charity sector has lost more than 25,000 jobs since the coronavirus pandemic began and a further 35,000 could go, according to new data. Analysis of a survey of 455 charities has revealed that there are an estimated five times as many redundancies as the official 5,400 that have been announced. The research from Pro Bono [...]