Economy

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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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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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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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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Bira welcomes temporary abolition of business rates in Scotland

The Scottish Government’s move to temporarily abolish business rates in a bid to minimise the impact of coronavirus has been welcomed by the British Independent Retailers Association (Bira). Economy Secretary Fiona Hyslop MSP has unveiled a new economic package to the Holyrood Parliament in response to coronavirus, including 12 months…

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Government to introduce 2% digital services tax

The UK Government has confirmed plans to introduce a new 2% tax on the revenues of online marketplaces which “derive value from UK users”, starting 1 April 2020. The new tax also applies to search engines and social media services, and these businesses will be liable to the tax when…

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ROUNDUP: Business rates holiday announced by chancellor Sunak

In his maiden budget, the new chancellor, Rishi Sunak, has announced a £30bn fiscal stimulus package to help combat the impact of coronavirus on the British economy including a one-year total suspension of business rates for small retail, leisure and hospitality businesses. Headline measures include: A £12bn plan to provide…

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Outstanding business rates challenges increase by 35%

The number of businesses waiting for challenges over soaring business rates to be resolved has jumped by more than a third in just three months, according to new figures issued by HM Revenue & Customs (HMRC). The figures revealed the number of outstanding challenges has increased by 35% fuelling concerns…

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BRC ‘disappointed’ with business rates relief in Queen’s speech

The British Retail Consortium has responded to the Queen’s speech, praising its approach to crime and sustainability but was “surprised and disappointed” at its approach to business rates. Commenting on the speech, which tackled issues such as immigration, crime, business rates and brexit, The BRC said: “The Government should implement…

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Fish4Dogs announces it has reached £17m turnover in eight years

Fish4Dogs has seen its turnover rise from £2m to £17m from 2010 to 2018, along with increasing its workforce by 27 percent in 2018. During 2018, the company has welcomed 13 new members to the team, and says it has seen “exceptional growth” in recent years under Graham Smith, who…

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