Demand for UK bonds surges as government funds coronavirus spree April 7, 2020 Investor demand for UK government bonds was its highest for three years today as Britain sold £3.25bn worth of debt to help fund its unprecedented coronavirus support programmes. Buyers bid 3.05 times the £3.25bn available of the 0.125 per cent return three-year Gilt (UK government bond). It sold at an average yield of 0.204 per [...]
Coronavirus: Boris Johnson moved to intensive care after condition worsens April 6, 2020 Prime Minister Boris Johnson has been moved to intensive care after his coronavirus condition worsened, Downing Street has said. The Prime Minister was admitted to St Thomas’ Hospital last night with persistent symptoms of Covid-19. His medical team made the decision to move him to intensive care at roughly 7pm this evening after his condition [...]
Banks ‘being defeated’ by coronavirus business loan scheme April 6, 2020 Concerns are growing about the accessibility of the government’s coronavirus business loan scheme amidst ongoing claims that many small and medium businesses are being denied funds. Just 1,000 businesses, out of almost six million British SMEs, have been granted loans as a part of the £330bn coronavirus business interruption loan scheme (CBIL). Read more: Banks [...]
Coronavirus: Easyjet secures £600m in Bank of England funding April 6, 2020 Easyjet has secured £600m in commercial paper from the Bank of England’s (BoE) new Covid Corporate Funding Facility as the low-cost carrier seeks to strengthen its liquidity during the ongoing coronavirus crisis. Shares in the firm rose 13 per cent after the announcement. Airlines have been among the businesses hardest hit by the pandemic, which [...]
Coronavirus: Banks ‘not stepping up to the plate’ in battle to protect business April 6, 2020 The London Chamber of Commerce has added its voice to calls for the UK’s banks to do more to help British businesses, saying lenders “are simply not stepping up to the plate” in the battle against coronavirus. Over the last week there have been major concerns that despite a hefty package of schemes implemented by [...]
Coronavirus: Norwegian Air passenger numbers fall 60 per cent in March April 6, 2020 Norwegian Air flew 60 per cent fewer passengers year-on-year in March as the low-cost carrier grounded planes in response to widespread travel bans due to coronavirus. Compared to last year, the airline flew only 1.15m passengers, meaning capacity was 40 per cent lower than had been planned. In a statement, the airline said: “The company [...]
UK’s smaller firms cannot pay debts amid coronavirus, say accountants April 6, 2020 The UK’s small and medium-sized businesses do not have enough cash to pay debts due in the next year, research has shown, as fears rise over the resilience of British firms in the face of the coronavirus slowdown. Coronavirus containment measures have pushed businesses to close and caused a slump in demand. This has caused [...]
Matt Hancock denies claims of Rishi Sunak feud April 5, 2020 Health secretary Matt Hancock has denied reports of a feud between himself and chancellor Rishi Sunak over the government’s coronavirus strategy. The Mail on Sunday reported today that the pair were engaged in a feud over when to lift the UK’s lockdown and get the economy back to normal. Sunak reportedly had made presentations to [...]
Banks welcome Chancellor’s revamp of coronavirus loan scheme April 3, 2020 A revamp of the coronavirus loan scheme for businesses has been welcomed by banks after they faced criticism for delays. The government has pledged to guarantee £330bn of loans but only £14bn has been lent so far. The coronavirus business interruption loan scheme means businesses with a turnover of up to £45m can apply for [...]
Nationwide U-turns on business banking debut over coronavirus April 3, 2020 Nationwide has abandoned plans to enter the business banking market, blaming coronavirus for making it commercially unviable. The building society will return a £50m grant from a pool of RBS cash to foster competititon among British banks as it scales back ambitions in the face of the outbreak. “The impact of Covid19, including assumption changes [...]