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 [...]
Chancellor shakes up coronavirus loan scheme after criticism of banks April 2, 2020 Chancellor Rishi Sunak said tonight that he is extending a coronavirus loan scheme for small businesses and introducing a new loan scheme for businesses with revenue up to £500m. The Treasury also said it would ban lenders from requesting personal guarantees for loans under £250,000. And Sunak pledged “operational changes” to speed up lending approvals. [...]
Coronavirus: British Airways owner IAG suspends 90 per cent of flights April 2, 2020 British Airways owner IAG has said it will now suspend 90 per cent of its flights, up from the 75 per cent previously announced, as the airline industry looks to protect itself against the coronavirus outbreak. IAG joins other UK airlines such as Ryanair and Easyjet, who have both suspended all or almost all of [...]
Coronavirus: Premier League clubs should face ‘windfall tax’ April 2, 2020 Premier League clubs that furlough non-playing staff during the Covid-19 crisis should be slapped with a windfall tax, according to the chair of Westminster’s sports select committee. Tottenham, Newcastle and Norwich City have taken steps to furlough non-playing staff so they can access the government’s wage subsidy scheme, while still paying players their full contracts. [...]
Bank of England injects £1.9bn into UK companies via coronavirus scheme April 2, 2020 The Bank of England has injected £1.9bn into UK companies since 23 March via its short-term lending programme, figures have shown, as it tries to shore up the economy amid the coronavirus outbreak. The lending comes via the Bank’s covid corporate finance facility (CCFF), through which it buys companies’ short-term debt, known as commercial paper. [...]