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Economy

  • Jun- 2020 -
    12 June
    UK GDP slumps over 20% in April as full impact of Covid-19 is felt

    UK GDP slumps over 20% in April as full impact of Covid-19 is felt

    GDP slumped by 20.4% in April 2020, following a fall of 5.8% in March, according to the latest figures from the Office for National Statistics (ONS). It is the biggest monthly fall since the ONS’ series began in 1997, with the measure also falling by 10.4% in the three months to April…

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  • Apr- 2020 -
    16 April
    Government extends lockdown for ‘at least’ three more weeks

    Government extends lockdown for ‘at least’ three more weeks

    The government has announced an extension to the coronavirus lockdown for “at least” a further three weeks. The decision was announced at today’s (16 April) press briefing which was led by foreign secretary Dominic Raab. It also comes after Raab led an emergency Cobra committee and cabinet meetings about the…

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  • 16 April
    Chancellor extends furlough scheme deadline

    Chancellor extends furlough scheme deadline

    Chancellor Rishi Sunak has extended the deadline for the Coronavirus Job Retention Scheme after it was found that many people who had recently changed jobs were set to miss out. Under the scheme announced last month, employers can claim a grant covering 80% of the wages for a furloughed employee, subject to a cap…

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  • 15 April
    Banks still failing small retail businesses, says Bira

    Banks still failing small retail businesses, says Bira

    High street lenders are failing to ‘rise to the challenge’ of supporting small retail businesses during the Covid-19 crisis, according to Bira. Andrew Goodacre, Bira’s CEO, said new government figures revealing that only 1.4% of applications for a Coronavirus Business Interruption Loan Scheme had been successful were “no surprise”. The…

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  • 9 April
    AAB calls on government to enhance support for businesses

    AAB calls on government to enhance support for businesses

    Accountancy firm Anderson Anderson and Brown (AAB) has called on the UK Government to implement a series of “wide-reaching” measures aimed at helping businesses to survive the disruption caused by the Covid-19 pandemic. Lyn Calder, managing partner and also the firm’s head of deals for the Central Belt in Scotland,…

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  • 3 April
    Chancellor unveils new measures to SME loan scheme

    Chancellor unveils new measures to SME loan scheme

    Chancellor of the exchequer Rishi Sunak has unveiled a major overhaul to his previously announced SME loan scheme. Initially, the Coronavirus Business Interruption Loan Scheme (CBILS) was aimed at businesses unable to secure regular commercial financing as the virus took its toll on the UK’s economy. However, according to Sky…

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  • 2 April
    Chancellor set to announce overhaul to SME loan scheme

    Chancellor set to announce overhaul to SME loan scheme

    Chancellor Rishi Sunak is reportedly set to announce an overhaul to the SME loan scheme that will allow companies to access help quicker. According to Sky News, Sunak and members of the Treasury were reportedly in talks with major lenders, including Barclays, HSBC, Lloyds Banking Group and Royal Bank of…

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  • Mar- 2020 -
    26 March
    Self-employed to get 80% income grant

    Self-employed to get 80% income grant

    Chancellor Rishi Sunak has announced the government will pay self-employed people a taxable grant based on their previous earnings over the last three years, worth up to 80% of earnings, and capped at £2,500 a month. Sunak said it will run for a minimum of three months, with scope for…

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  • 24 March
    PIF comments on business closures amid Covid-19 outbreak

    PIF comments on business closures amid Covid-19 outbreak

    The Pet Industry Federation (PIF) has released a statement regarding pet business closures amid the recent outbreak of the Covid-19 virus. Guidance published yesterday (23 March) by the government confirmed that pet retailers would be “exempted” from closure during this lockdown. The statement read: “It is clear that the Government’s…

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  • 20 March
    Covid-19: Government to pay 80% of salary to staff unable to work

    Covid-19: Government to pay 80% of salary to staff unable to work

    Chancellor Sunak Rishi has said the government will pay 80% of wages for employees who aren’t able to work due to the coronavirus, up to £2,500 a month according to the BBC. The “unprecedented measure” comes as the government has unveiled more plans to protect jobs and businesses amid the…

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