UK small businesses ‘optimistic for the future’ despite coronavirus crisis July 15, 2020 Most UK small and medium sized businesses (SMEs) are optimistic about the future despite the huge challenges created by the coronavirus pandemic, according to the latest research. In total 60 per cent of UK SME owners are hopeful about the future of their business, making the UK the most optimistic in western Europe, alongside the [...]
When it comes to government business support, one size does not fit all July 10, 2020 When it comes to getting noticed, unfortunately size does matter. There are millions of micro businesses (those made up of fewer than nine employees) across the UK, which play a crucial role in our economic health. In the months to come, their ability to be nimble will be vital in helping this country navigate through [...]
Sunak’s spending spree ‘catastrophe’ for UK’s night time industry July 9, 2020 Casinos, comedy clubs and nightclubs have accused the chancellor of letting Britain’s night industry “slip through the cracks”, as a new wave of financial support for the hospitality industry failed to provide specific support for shuttered night time venues. Chancellor Rishi Sunak unveiled a raft of measures in his £30bn mini-Budget yesterday, in a bid [...]
1m SMEs receive bounce back loans amid pandemic July 7, 2020 More than 1m small businesses have now borrowed a total of £31bn in bounce back loans from the government, according to the Treasury’s latest statistics. Overall government loans to help businesses survive the coronavirus crisis hit £45.4bn as of 5 July, data released today showed. Bounce back loans, which allow SMEs to borrow up to [...]
UK banks ‘draw up code of conduct’ for coronavirus business loan defaults July 6, 2020 UK banks are reportedly drawing up a code of conduct for pursuing businesses that default on government-backed coronavirus interruption loans, amid concerns that a high proportion of the loans will never be repaid. Industry body UK Finance and the state-owned British Business Bank (BBB) have begun talks with commercial lenders in the hope of setting [...]
Shadow chancellor Anneliese Dodds to renew calls for July budget July 2, 2020 Shadow chancellor Anneliese Dodds will renew calls tomorrow for a July “back to work budget” in her first major set piece speech since being appointed to the role. She will urge chancellor Rishi Sunak to “recognise the scale of the challenge we face” and pledge a summer budget that focuses on “jobs, jobs, jobs”. Dodds, [...]
Lloyd’s of London: ‘Much more’ insurers can do to help Covid-struck SMEs July 1, 2020 The insurance industry must do more to help SMEs recover from the impact of the coronavirus pandemic and better prepare for catastrophic events in the future, according to a new report by Lloyd’s. The report outlines three possible new open-source solutions and frameworks designed to cover risks businesses could encounter in the so-called “new normal” [...]
Treasury welcomes change in state aid rules for government-backed loans June 30, 2020 The Treasury has welcomed a change in banking rules that could make it easier for small firms to secure crucial government loans, like CBILS, during the pandemic. The European Commission has extended its state aid temporary framework to all micro and small companies, even if they were in “financial difficulty” on 31 December 2019. The [...]
Lockdown propels technological revolution for small businesses June 30, 2020 Small businesses in the UK achieved three years of innovation in just three months during lockdown, new research has found, as the coronavirus crisis spurred British business to adopt unprecedented changes to survive. More than a third of businesses in the UK have changed or are changing their operating model to adapt to new consumer [...]
UK businesses borrow over £43bn to survive coronavirus June 30, 2020 The UK’s businesses have borrowed over £43bn so far in total to survive the coronavirus pandemic, new data from the Treasury has revealed. Despite the mammoth lending programme, the approval rate for the flagship coronavirus business interruption loans scheme (CBILS) is still lingering around 50 per cent. Of the 104,569 applications made for funding, 52,275 [...]