HSBC launches £15bn lending fund for British SMEs March 10, 2021 HSBC has today launched a new £15bn fund to help UK SMEs through the economic recovery. The fund, which includes over £10bn of regionally focussed allocations, seeks to move away from the “traditional” London focus and drive growth in regions across the country. “The past 12 months have highlighted the challenges many small businesses face. [...]
Tracking the pandemic’s impacts on small business February 18, 2021 Next week the Government will provide an update on the lockdown exit plan with a much-speculated upon roadmap to recovery out of the pandemic. This roadmap needs clear signposts and barrier-free routes to help small and medium enterprises (SMEs) recover. It has been a turbulent year for them, evidenced in results from the ACCA UK [...]
Corona Impact Series: How a creative workspace was dragged into a work-from-home experiment February 12, 2021 In this series, City A.M. looks at the financial and economic impact of the ongoing pandemic on a range of small and medium-sized businesses across London. This week: How a workspace provider with spaces across the UK, including in Soho and Westminster, gradually changed the work mindset of its office clients. No one could have [...]
Future Fund: Early-stage startups missed out on funding February 2, 2021 Startups in their earliest stage missed out on funding with the majority of the government’s Future Fund investment going to companies at a venture or growth stage. The Future Fund was launched in May to provide support to startups ineligible for the government’s other support schemes. It was designed to provide support to startups through [...]
SMEs do not expect to be back at pre-pandemic levels until next year January 26, 2021 Small businesses have been left in financial ruin due to the pandemic, with one in 12 unsure they will ultimately survive, according to new research. The data from Santander found that 21 per cent of small businesses expect they may collapse before any changes in restrictions kick in. Those who will survive, do not expect [...]
Supreme Court rejects insurers’ claims in landmark business insurance case January 15, 2021 The Supreme Court has largely ruled in favour of policyholders and the City regulator in the landmark business interruption insurance case. In a judgment handed down today, the court said it “substantially allowed” the appeal by the Financial Conduct Authority (FCA) and campaign groups Hiscox Action Group and Hospitality Insurance Group Action. The insurers Arch, [...]
Business interruption case: Light at the end of the tunnel for SMEs January 15, 2021 Hundreds of thousands of businesses will today breathe a sigh of relief after the Supreme Court ruled leading insurers must pay out on business interruption policies. The court “substantially allowed” the appeal brought by the Financial Conduct Authority (FCA) and campaign groups Hiscox Action Group and Hospitality Insurance Group Action. It brings months of uncertainty [...]
Offices share half-a-billion business rates write-off December 22, 2020 The Valuation Office Agency has agreed to write off almost £500m-worth of offices’ business rates after weeks of negotiations. Business rates discounts were announced for firms directly affected by the Covid-19 pandemic by Chancellor Rishi Sunak, including pubs and restaurants. Read more: UK borrowing in November the third-highest on record Offices that lay empty however [...]
British Chambers slam “constantly shifting goalposts” in desperate plea to PM December 22, 2020 The British Chambers of Commerce have today warned the Prime Minister that businesses are “on their knees” due to new lockdown restrictions. The body’s President, Baroness Ruby McGregor-Smith, says that the “constantly shifting goalposts” had left many businesses considering “shutting up shop for good.” In her open letter, she calls for the PM to offer [...]
MPs slam government’s ‘woeful’ handling of bounce back loans December 16, 2020 After months of chaos MPs have today published a report into the government’s failings to support small businesses with the bounce back loan scheme. The Public Accounts Committee has published a devastating report into the government’s handling of the bounce back loan scheme, which has received criticism since its inception. The BBLS was introduced in [...]