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29 Apr '20Mortgage lenders grant over 1.6 million payment holidays
Continue readingMortgage lenders have offered over 1.6 million mortgage payment holidays to homeowners impacted by the coronavirus (COVID-19) pandemic, according to figures from UK Finance. One in seven mortgages are now covered by payment holidays. Following steps taken by lenders to help households whose finances have been affected by the crisis. For the average mortgage holder, […]
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28 Apr '20Small business micro loan scheme launches 4th May
Continue readingAs part of the government’s measures to mitigate the economic damage caused by the coronavirus (COVID-19) lockdown, Chancellor Rishi Sunak has announced a micro loan scheme for small businesses. The Bounce Back Loan Scheme will allow small businesses adversely affected by COVID-19 to apply for up to £50,000, with the government guaranteeing 100% of the […]
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27 Apr '20Coronavirus Business Loans: FSB urges government to increase 80% guarantee
Continue readingThe Federation of Small Businesses (FSB) has urged the government to increase its 80% guarantee on emergency coronavirus (COVID-19) business interruption loans. New data from UK Finance has revealed that 16,624 of 36,186 small business finance applications for a Coronavirus Business Interruption Loans Scheme (CBILS) facility have been approved. According to UK Finance, the average […]
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27 Apr '20NCSC removes over 2,000 coronavirus scams
Continue readingThe UK’s National Cyber Security Centre (NCSC) has removed more than 2,000 online coronavirus (COVID-19) scams during the last month. The NCSC has joinied forces with the country’s mobile industry, banking sector and finance sector to combat cyber security threats. The COVID-19 scams taken down include 471 fraudulent shops, 555 malware distribution sites and 200 […]
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24 Apr '20Business Interruption Loan Scheme: SMEs access £2.8 billion
Continue readingThe UK’s small and medium-sized enterprises (SMEs) have accessed £2.8 billion in funding through the government’s Coronavirus Business Interruption Loan Scheme (CBILS), according to data published by UK Finance. Total lending under the Coronavirus Business Interruption Loan Scheme doubled during the week from 14 April to 21 April, with an increase of £1.45 billion. Over […]
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24 Apr '20Financial Support Finder: Government launches tool for businesses
Continue readingThe UK government has launched a new online platform to help businesses access financial support during the coronavirus (COVID-19) pandemic. The government has rolled out a range of loans, tax reliefs and cash grants to combat the adverse economic effects of the COVID-19 lockdown. The Coronavirus Business Support Finder Tool asks business owners to fill out a […]
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23 Apr '200 RepliesSignificant number of UK businesses have furloughed employees
Continue readingA survey conducted by the British Chambers of Commerce (BCC) has found that over 70% of responding businesses have furloughed a proportion of their employees. Data from the BCC’s latest Coronavirus Business Impact Tracker revealed that 71% of firms have furloughed their employees, up from last week’s figure of 66%. 30% of businesses have furloughed […]
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23 Apr '200 RepliesUK inflation rate falls to 1.5%
Continue readingThe UK rate of inflation fell to 1.5% in March, data published by the Office for National Statistics (ONS) has revealed. The data showed that the Consumer Prices Index (CPI) fell from 1.7% in February. Falls in the prices of motor fuels and clothing contributed to the reduction. The ONS has warned that people are […]
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22 Apr '200 RepliesCoronavirus pandemic ‘costs SMEs £277,000 each’
Continue readingResearch carried out by online marketplace Fiverr has suggested that the coronavirus (COVID-19) pandemic has already cost UK small and medium-sized enterprises (SMEs) £277,893 each. The research was collected by polling SME owners in 19 UK cities, and revealed regional differences of opinion. Fiverr found that businesses in London are most positive about flexibility, with […]
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22 Apr '200 RepliesGovernment borrowing could reach £300 billion
Continue readingThink tank the Centre for Policy Studies (CPS) has suggested that government borrowing could hit £300 billion in 2020 as a result of the coronavirus (COVID-19) pandemic. The think tank has been working to estimate the cost of the COVID-19 crisis to the government’s finances, and has incorporated official data from the Office for Budget […]
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