State-owned bank raised concerns over bounce back loans’ fraud risk September 30, 2020 The state-owned British Business Bank issued formal objections to the government’s coronavirus Bounce Back Loan and Future Fund schemes ahead of their launch, newly-released documents show. In letters sent to business secretary Alok Sharma in May, BBB chief executive Keith Morgan raised concerns including the BBL scheme’s “very significant fraud and credit risks” and whether [...]
Exclusive: MPs slam ‘inconsistency and incompetence’ as SMEs struggle to get bounce back loans September 28, 2020 Banks have been told to ensure that no small businesses are “locked out” of government-backed coronavirus loans, after firms were left unable to access the loans despite being eligible for funding. MPs said lenders accredited under the scheme should re-open applications for bounce back loans (BBLs), designed to help small companies weather the pandemic. Barclays [...]
Small business would suffer from a capital gains tax hike – not just investors September 28, 2020 Capital gains tax (CGT) increases were reported to be in the chancellor’s sights before the Autumn Budget was cancelled to allow Rishi Sunak to focus on his winter economic plans. However any changes to CGT down the line could discourage small business investment just when it is needed most, says Claire Madden. Has there ever been a [...]
Coronavirus loans: Labour shadow minister calls for extra assistance September 22, 2020 The government should look to alter its coronavirus emergency loan schemes to assist companies that may struggle to pay back their debts, according to a Labour shadow cabinet member. Shadow chief secretary to the Treasury Bridget Phillipson told City A.M. in a wide-ranging interview that some firms are “are in a much more fragile position [...]
Night-time businesses slam 10pm curfew as ‘devastating’ September 22, 2020 Businesses in the UK’s night-time economy have slammed the Prime Minister’s announcement of a 10pm curfew on venues for up to six months as “devastating”, and warned that it will lead to wide-scale business collapse and unemployment. Boris Johnson today announced a 10pm curfew on all hospitality and leisure venues in England in a bid [...]
Business groups call for further support as UK tightens restrictions September 22, 2020 The government must set out a new support package as new restrictions threaten to derail the economic recovery, business groups have warned. Addressing the House of Commons today, Boris Johnson dealt a devastating blow to the hospitality sector as he unveiled plans for a 10pm curfew. And as he warned of a second wave of [...]
Government to extend coronavirus loan schemes as cases jump September 21, 2020 Chancellor Rishi Sunak is set to extend the government’s coronavirus loans schemes in an effort to protect the UK economy during a possible second wave of Covid infections. The four business loans schemes will be extended for applications until the end of November, the Financial Times reported. Banks will be allowed to process the loans [...]
High Court rules in favour of struggling firms in business interruption insurance case September 15, 2020 Insurers may have to pay out to hundreds of thousands of British firms who had business interruption claims turned down during the pandemic, following a landmark ruling. The High Court today ruled in favour of policyholders in a test case brought by the Financial Conduct Authority (FCA). The Court ruled on a representative sample of [...]
Treasury set to reject City coronavirus loan refinance plan September 4, 2020 The Treasury is reportedly set to reject a City of London plan for a new state-owned organisation that would refinance the billions of pounds of emergency coronavirus loans lent to UK companies. Chancellor Rishi Sunak is set to rebuff plans put forward by a group led by trade body The City UK and audit firm [...]
Back to business: Top Cuvée’s Brodie Meah on how corona has made people value local restaurants August 29, 2020 We talk to London’s top chefs about how they are dealing with the strange ‘new normal’. This week Top Cuvée’s Brodie Meah talks about missing the buzz of service and taking solace in a spot of wine-tasting. Who are you and what do you do? I’m Brodie Meah and, along with Max Venning, I operate Stoke [...]