Category: Uncategorized

Lenders take loan fee on the chin

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An update to the state aid framework for coronavirus-related support schemes published by the European Commission last week has meant banks are supposed to pay fees to the government when providing state-backed loans to small businesses. Small businesses can apply for loans of up to £5m from about 40...

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SMEs struggle to access financial support

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Small companies whose trade has been damaged by the coronavirus pandemic have been struggling to get in touch with banks as they seek access to more than £1.2bn of government-backed credit, the Times reports. UK Finance urged customers to try to make contact through lenders’ websites instead of calling as many...

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UK interest rates cut in emergency move

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The Bank of England has announced an emergency cut in interest rates to shore up the economy amid the coronavirus outbreak. Policymakers reduced rates from 0.75% to 0.25%, taking borrowing costs back down to the lowest level in history. The Bank said it would also free up billions of...

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Incomes have stalled since 2016

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Data from the Office for National Statistics (ONS) shows that growth in median income stalled between the 2016/17 financial year and 2018/19, growing 0.4% a year on average. This compares to an average on 3.4% in the period between 2012/13 and 2016/17. Analysis shows that while the booming jobs...

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Markets fall again on coronavirus fears

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Tuesday saw investors sell off shares for the second day as fears of the economic impact of the coronavirus continued to grow. The Dow Jones was down 3.1%, the Nasdaq 2.7% and the S&P fell 3%. In London, the FTSE 100 closed down 1.9% – its lowest level in...

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Second charge loans rose in fourth quarter

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New research shows the split between first and second legal charge bridging loans remained consistent in the first three quarters of 2019. However, in Q4 2019, second charge loans rose to their highest level of 23% (Q3 2019: 18.4%). The 2019 Bridging Trends reported that second charge loans accounted...

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