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Rishi Sunak, the Chancellor has announced that the deadline to apply for a Coronavirus Business Interruption Loan and a Bounce Back Loan has been extended to the end of November. The series of measures to support businesses during the winter months and then beyond has been called ‘pay as your grow’.
The Government backed business interruption loan schemes were all launched on different dates and as a result had different end dates. The CBILS loans were due to end this month, with the Bounce Back loans closing to new applications at the start of November. Following the application extension more businesses now have the opportunity apply for loans to help them to continue to operate through the difficult period ahead.
The maximum term for CBILS and Bounce Back loans have also been extended from six years to 10 years, those businesses that need to free up cashflow can extend their loan terms to drastically reduce their monthly payments. With the downside being a greater charge in total interest costs.
What is not clear right now is the impact upon CBILS lenders as they try to fulfil new loan applications while also adjusting existing loans to longer terms. Over 20,000 business applied for CBILS between 16 August and 20 September, with only just over 6,000 being accepted. The early stages of the Covid-19 crisis led to operational struggles in the banking sector with many CBILS lenders restricting their loans to existing customers or small geographical areas or industries.
The Chancellor also announced a new business loan scheme would be launched in January.
The hospitality sector had their VAT cut to 5% extended to until March 2021.
Businesses can apply for invoice finance, asset finance or a business loan under the CBILS scheme.
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Britain’s GDP contracted by 0.1% in March, according to data released by the Office for National Statistics (ONS) today. “The March decline highlights the pressure the economy is now coming under from the cost of living squeeze and the danger of it falling into outright recession later this year,” said Rupert Thompson, Investment Strategist at Kingswood. The services sector, which includes contributions from education, arts and entertainment, and food service among others, fell 0.2% last month and was the main contributor to this decline.
Britain’s GDP contracted by 0.1% in March, according to data released by the Office for National Statistics (ONS) today.
The latest Consumer Price Index continues upward to 6.2%, adding to fears over the increased cost of living. The latest Consumer Price Index (CPI) was recorded at 6.2% this morning. This means inflation has hit a new 30 year high, which will only exacerbate the cost of living. “This is the highest CPI 12-month inflation rate in the National Statistic series which began in January 1997, and the highest rate in the historic modelled series since March 1992, when it stood at 7.1%,” the Office for National Statistics (ONS) stated. The rise can be attributed to a number of diverse contributions. This included a bump in prices for clothing, footwear, toys and other recreational goods, said the ONS.
The latest Consumer Price Index continues upward to 6.2%, adding to fears over the increased cost of living.
Strong Customer Authentication regulation will now require online shoppers to verify themselves before paying at the checkout after £376 million was lost to online fraud in 2020. Strong Customer Authentication (SCA), which has been endorsed by the Financial Conduct Authority (FCA) and UK Finance, will be in place from today. These regulations have been enforced as an attempt to reduce the £376 million lost in online fraud in 2020, according to Barclaycard.
Strong Customer Authentication regulation requires online shoppers to verify themselves before the checkout after £376 million was lost to fraud in 2020.
Britain’s GDP contracted by 0.1% in March, according to data released by the Office for National Statistics (ONS) today. “The March decline highlights the pressure the economy is now coming under from the cost of living squeeze and the danger of it falling into outright recession later this year,” said Rupert Thompson, Investment Strategist at Kingswood. The services sector, which includes contributions from education, arts and entertainment, and food service among others, fell 0.2% last month and was the main contributor to this decline.
Britain’s GDP contracted by 0.1% in March, according to data released by the Office for National Statistics (ONS) today.
The latest Consumer Price Index continues upward to 6.2%, adding to fears over the increased cost of living. The latest Consumer Price Index (CPI) was recorded at 6.2% this morning. This means inflation has hit a new 30 year high, which will only exacerbate the cost of living. “This is the highest CPI 12-month inflation rate in the National Statistic series which began in January 1997, and the highest rate in the historic modelled series since March 1992, when it stood at 7.1%,” the Office for National Statistics (ONS) stated. The rise can be attributed to a number of diverse contributions. This included a bump in prices for clothing, footwear, toys and other recreational goods, said the ONS.
The latest Consumer Price Index continues upward to 6.2%, adding to fears over the increased cost of living.
Strong Customer Authentication regulation will now require online shoppers to verify themselves before paying at the checkout after £376 million was lost to online fraud in 2020. Strong Customer Authentication (SCA), which has been endorsed by the Financial Conduct Authority (FCA) and UK Finance, will be in place from today. These regulations have been enforced as an attempt to reduce the £376 million lost in online fraud in 2020, according to Barclaycard.
Strong Customer Authentication regulation requires online shoppers to verify themselves before the checkout after £376 million was lost to fraud in 2020.
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