TheCityUK boss: Banks not ‘shirking’ CBILS duty April 28, 2020 One of the City’s most senior figures has insisted banks are not “shirking their responsibilities” as the government unveiled further modifications to the controversial Coronavirus Business Interruption Loan Scheme (CBILS). Miles Celic, chief executive of industry group TheCityUK, said that banks were doing “their level best” to address demand for loans in what he called “an [...]
Coronavirus business loans: Liberal Democrats leader calls for ‘loan marketplace’ April 27, 2020 The Treasury should create a “loan marketplace” to better facilitate the coronavirus business loan scheme, according to Liberal Democrat leader Ed Davey. Davey today called for the government to create a website for businesses to browse a wide range of emergency loan options from different banks, similar to websites such as Compare the Market does [...]
UK banks ease coronavirus business loan requirements April 27, 2020 The UK’s biggest banks have said they will ease their lending conditions to make it easier for small businesses to access cash through the coronavirus business loan schemes, after chancellor Rishi Sunak offered 100 per cent guarantees to the smallest businesses. The coronavirus business interruption loan scheme (CBILS) has been criticised by many firms who [...]
UK events industry calls for access to government support amid business collapse fears April 27, 2020 The UK events industry has urged the government to provide clarification on the financial support available for the sector, amid concerns that thousands of businesses could collapse over the next three months. Chancellor Rishi Sunak confirmed in the House of Commons last month that event hire firms are eligible for the business rates holiday and [...]
Rishi Sunak unveils 100 per cent state-backed ‘bounce back loans’ for small businesses April 27, 2020 The UK’s smallest businesses will have guaranteed access to loans of up to £50,000 within 24 hours of applying, chancellor Rishi Sunak announced today. The new “bounce back loans” will be 100 per cent guaranteed by the Treasury, meaning the government will take on all the default risk, and will be available from next Monday [...]
Steelworks MP calls for changes to loan scheme after Tata bailout request April 27, 2020 The Labour MP for Aberavon, which contains Tata Steel’s Port Talbot steelworks, has written to chancellor Rishi Sunak asking him to lift the cap on the size of loans large companies can receive to limit the coronavirus damage. Yesterday it was reported that the firm, a subsidiary of giant Indian conglomerate Tata, was seeking £500m [...]
Airlines call on government to extend furlough scheme beyond June April 27, 2020 The UK’s airlines have written to chancellor Rishi Sunak warning him that carriers could face a “renewed cash crisis” if the coronavirus job retention scheme is not extended beyond June. In a letter, Tim Alderslade, chief executive of sector body Airlines UK, said: “There is a danger that should the CJRS be withdrawn prematurely, carriers [...]
Coronavirus: Government must be more imaginative to save small businesses April 27, 2020 The Coronavirus Business Interruption Loan Scheme (CBILs) was launched to much fanfare, with people lining up to praise the far-sighted, generous nature of the programme and proclaim how much it would do for small business. A staggering £330 billion was set aside for interest-free loans, with the Government willing to sit behind 80 per cent [...]
UK coronavirus business loan scheme approval rate half of Germany’s April 27, 2020 The UK’s coronavirus business loan scheme has half the approval rate of its German equivalent, data has shown, as chancellor Rishi Sunak mulls the creation of a new programme targeted at the country’s smallest businesses. The latest figures from banking body UK Finance showed on Thursday that 16,600 firms had received loans worth a total [...]
UK economy will take three years to recover from coronavirus, say analysts April 27, 2020 The UK economy could take three years to return to its 2019 size after the coronavirus pandemic has passed, a new report has warned, as consumer spending and business investment plunge. The report from economics forecaster EY Item Club said UK GDP would likely shrink 6.8 per cent in 2020 and unemployment would surge to [...]