In The News

Recent news headlines relating to UK businesses, entrepreneurs, and sole traders.

Chancellor’s Rescue Package Is Not All It Seems

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Covid rescue package not all it seems

Chancellor Rishi Sunak appears to have undergone a change of heart regarding his rescue package for the UK’s smallest companies. After doggedly refusing to countenance the idea of providing 100pc loan guarantees for firms, he is now reputed to be assembling a new scheme for Britain’s so-called micro-businesses. The scheme is expected to offer loans … Read more

BoE Governor Orders Banks To Speed Up Covid-19 Loans

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Banks ordered to speed up covid loans

The Governor of the Bank of England intervened on the day the furlough scheme was extended after data showed that only £1bn had reached small businesses. On Thursday, Andrew Bailey warned that unless the small business emergency loan scheme is boosted immediately the economy could suffer disastrous long-term damage. The Governor instructed the UK’s biggest … Read more

Just 5,000 Small Businesses Receive Covid-19 Rescue Cash

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Covid rescue cash for small businesses

More than three weeks since the Treasury’s coronavirus loans scheme was launched, only 5,000 ailing small businesses have received cash, raising concerns that companies in desperate need are missing out on emergency money. According to the banks responsible for making the loans, fewer than 1 in 60 of more than 300,000 inquiries regarding Chancellor Rishi … Read more

Govt Slams Banks For Taking Advantage of Coronavirus Crisis

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Banks taking advantage of covid crisis

Royal Bank of Scotland Chairman Sir Howard Davies has said that the remodelled loan fund operated by the banks will have an ‘immediate impact’ on struggling firms hit by the coronavirus lockdown. Sir Howard admitted that there had been problems but expects to see a ‘sharp increase’ in lending to SMEs in the coming days. … Read more

Self-Employed Bailout: Could Do Better?

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Self-Employed Bailout

The Chancellor’s long-awaited bailout for the self-employed has left out contractors and those who are paid in dividends. On Thursday evening, Rishi Sunak at last unveiled his offer, saying it would help 95pc of people who earn the majority of their income from self-employment. Although many people will receive payments amounting to 80pc of their … Read more

Banks Ready To Make Loans Of £250k Within 48 Hours

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Banks to make quick covid loans

Banks will promise tomorrow to give small businesses interest-free loans of up to £250,000 within 48 hours to help them survive the economic crisis. Sources close to Chancellor Rishi Sunak say the emergency coronavirus loans will initially take the form of overdrafts. Business customers will be able to borrow up to a quarter of a … Read more

The ‘Pandemic’ Budget: What The Coronavirus Means For Small Businesses

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What coronavirus means for small business

As the coronavirus pandemic plays havoc with our lives, the authorities are scrambling to limit the financial impact. A week that started with the worst one-day fall for British stocks since the financial crisis in 2008 was followed by a Bank of England interest rate cut, the first Budget of the new Government and more … Read more

Sunak Revises Budget To Support SMEs During Covid-19 Crisis

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Budget to support SMEs

Budget measures such as fast-tracking payments for suppliers to the public sector and allowing firms more time to pay taxes are being considered to ease the pressure of coronavirus on businesses. Rishi Sunak, the Chancellor, is creating a programme of “levers” to support SMEs suffering staff shortages in the event of an epidemic and amid … Read more

Coronavirus Impact On Economy Set To Worsen

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Coronavirus impact set to worsen

The coronavirus is the greatest threat to the world economy since the financial crisis, said the Organisation for Economic Co-operation and Development (OECD) today (3 March 2020).