Rishi Sunak

Apr- 2020 -

15 April

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…

8 April

Coronavirus

Average UK SME does not have enough cash to cover debts due in 2021, says UHY

The average UK SME does not have enough cash to cover debts due in the next year, according to new research from accountancy firm UHY Hacker Young. The firm’s analysis of the balance sheets of more than 13,500 SMEs in the UK showed that the average SME now has only…

3 April

Economy

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…

2 April

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…

1 April

Coronavirus

A fifth of SMEs at risk of collapse, say experts

Almost a fifth of SMEs will not survive the coronavirus crisis, according to new findings from the Corporate Finance Network. The group predicted that the closures would take place within the next four weeks despite government support measures, as the pandemic continues to unfold and affect retail. The network, which…

Mar- 2020 -

30 March

Government & Legislation

The minimum wage increase is about to hit – and it beggars belief

As if to bang the final nail into the coffin himself, we can only assume the Treasury’s top man, chancellor Rishi Sunak, refuses to give ground on the next wave to crash over the retail and hospitality industries. I am talking of course about the increase in the National Minimum…

26 March

Economy

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…

26 March

Business Bites

Wetherspoons’ boss was right to withhold wages

The media and the Twitterati have had a field day vilifying the founder and owner of pub chain Wetherspoons over his decision not to pay his staff in light of the coronavirus restrictions. Tim Martin had sent an email to his 43,000 staff saying he could not afford to pay…

23 March

Coronavirus

PM bans ‘non-essential retail’, instructs public to stay at home

The UK public are only allowed to venture out of their homes for essential supplies and one exercise outing per day, or face fines, under new measures introduced this evening by the prime minister. In a recorded address filmed in No 10 Downing Street, Boris Johnson said the police will…

20 March

Veterinary

BVA calls on government to support veterinary practices

The BVA has written to the government asking them to include veterinary practices in their support of businesses affected by the Covid-19 pandemic. The plea follows Chancellor Rishi Sunak unveiling of a £350bn package of measures, including rates relief and grants to support retail and hospitality businesses affected by the…