Exclusive: Liberal Democrats push government to set clear coronavirus loan scheme guidelines April 26, 2020 The Liberal Democrats have led a group of 25 cross-party MPs in demanding the government sets uniform lending requirements for its coronavirus business loan scheme in order to increase the speed at which banks approve loans. Liberal Democrat MP Wera Hobhouse wrote to business secretary Alok Sharma to urge him to “specify a minimum level [...]
Coronavirus: UK must prepare for ‘new normal’, says Dominic Raab April 26, 2020 Dominic Raab has warned that Britons will need to adapt to a “new normal” as Boris Johnson prepares to go back to work tomorrow for the first time since being hospitalised. Raab said today that the UK “won’t be going back” to how it was before Covid-19, echoing statements from chief medical officer Chris Whitty [...]
How and when will the UK coronavirus lockdown end? April 24, 2020 This week health secretary Matt Hancock confirmed the coronavirus outbreak has passed its peak, sparking speculation about an exit strategy from the UK lockdown. However, officials have poured cold water on the idea that Britain could return to normal soon. Last week the government said the UK coronavirus lockdown would continue for at least another [...]
FTSE 100 falls as doubts set in about coronavirus drug April 24, 2020 The FTSE 100 has fallen amid doubts about a drug that was touted as a possible coronavirus treatment and as the economic toll of the outbreak becomes clearer. Britain’s FTSE 100 stock index had fallen 0.7 per cent to 5,784 points in the afternoon session. The FTSE 250 of mid-cap companies was 0.1 per cent [...]
Chancellor Rishi Sunak preparing 100 per cent coronavirus loan guarantees for smallest firms April 24, 2020 Chancellor Rishi Sunak is preparing to launch a new coronavirus support scheme that offers 100 per cent guarantees on loans to the smallest UK businesses, amid criticism that the current programme is not getting cash to firms fast enough. The coronavirus business interruption loan scheme (CBILS) offers loans of up to £5m to companies with [...]
More than 1m hospitality jobs at risk without extra government support, industry warns April 23, 2020 More than 1m hospitality jobs could be lost if coronavirus social distancing measures are extended without extra government support for the sector, the industry has warned. UK Hospitality has written to Cabinet Office minister Michael Gove to urge for more support for the country’s pubs, bars and restaurants amid concerns that social distancing measures could [...]
UK to raise £225bn from bond sales to fund coronavirus measures April 23, 2020 The UK government is planning a huge increase in bond sales to fund its economic response to the coronavirus, selling roughly four times as much debt over the next three months than originally planned in the March Budget. The Treasury said it will try to raise £180bn from investors in the bond markets over the [...]
UK economy suffers unprecedented slump amid coronavirus lockdown April 23, 2020 The UK economy suffered an unprecedented blow in April as the coronavirus lockdown choked off demand, according to a closely watched gauge which slumped to its lowest level since records began. The IHS Markit/Cips composite purchasing managers’ index (PMI) crashed to a reading of 12.9 in April. This was the worst score since the survey [...]
Exclusive: UK tech startup confidence slumps amid Covid-19 crisis April 22, 2020 Confidence levels among tech startups have slumped since the start of the year as the coronavirus crisis takes its toll on the UK’s thriving tech sector. Just 32 per cent of businesses are confident or very confident that their turnover will increase in the year ahead, City A.M. can reveal. This marks a quarterly drop [...]
David Buik: Tories could lose next election over coronavirus loans delays April 22, 2020 Top City commentator David Buik has warned the slow payment of coronavirus loans to businesses could mean the Tories lose the next election. The City of London’s veteran financial pundit has urged chancellor Rishi Sunak to “rethink” the government’s stance on loans to businesses hit by coronavirus, with UK lending far outstripped by other countries. [...]