Figures just released show Britain’s lenders have provided £27.5 billion in financial help to more than 650,000 firms affected by the Covid-19 lockdown so far. The money has come through the three main government-backed lending schemes of the Bounce Back Loan Scheme (BBLS), the Coronavirus Business Interruption Loan Scheme (CBILS) and the Coronavirus Large Business …
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Charity shops fear they will suffer a deluge of donations when they open their doors again on June 15th. With thousands of furloughed workers having the time to de-clutter their unwanted possessions shops in virtually every town in England could be faced with a massive pile of donations. Quarantined Britain’s 11,200 charity shops bring in …
Latest government figures show that another 400,000 UK workers are now at home on furlough because of the coronavirus. The total number has risen to 8.4 million and the Treasury says the cost of the Job Retention scheme has risen by £15 billion from £11.1 billion. Massive spike The government scheme was put in place …
Britain’s banks are strong enough to face a 30% contraction in the economy says the Bank Of England. Concern has been expressed in several quarters about what could happen to the UK’s banking system if pressure from the coronavirus pandemic continues to affect the economy. Share prices down Banks share prices have fallen to levels …
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Campaigners are calling for quick and decisive action on the mis-selling of leaseholds on the UK property market, dubbing it ‘the PPI of the housing industry’ Sales of leaseholds on new properties containing excessive ground rent and multiplier clauses have been the subject of a full investigation by the Competition and Markets Authority (CMA) who …
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Project Birch – the government’s plan to bail out any strategically important firm which gets into trouble – has been backed by both unions and businesses. Any firm whose failure would ‘disproportionally harm the economy’ could be in line for a bail out as Chancellor Rishi Sunak lays plans for the taxpayer to come to …
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Thousands of payday loan mis-selling victims have been shocked to find they will be getting less than 6% of the compensation they are owed. Payday lender WageDay Advance went into administration in February 2019 after being hit with a massive number of claims for mis-selling. Assets As the company collapsed, the issue of compensation was …
Homeowners struggling to make their mortgage payments have been thrown another three month lifeline by the government. The Treasury were concerned that an abrupt end to the scheme, which started in March, could produce a cliff-edge effect with borrowers being faced with money problems even worse than they had when the virus first struck. Deadline …
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Cash from dormant bank accounts is to be used to help charities and social enterprises desperate for cash during the pandemic. The government has released the money from accounts which have not shown any activity since 2008. Vulnerable As well as a range of charities, the cash will also be used to support those on …
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The cost of fighting the coronavirus has forced the highest government monthly borrowing figure on record. A massive £62 billion created a bigger deficit in a single month than the forecast for the whole year at the time of the Budget in March. Five times more Now the Office for Budget Responsibility (OBR) is predicting …
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