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Court rules on business interruption payouts

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The Supreme Court has ruled that insurers must pay out on disputed coronavirus business interruption claims, meaning small firms could share around £1.2bn in payouts. This comes as a result of a test case brought by the Financial Conduct Authority (FCA), with the ruling potentially affecting up to 370,000...

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FCA extends repossessions ban

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The Financial Conduct Authority (FCA) is extending its ban on house repossessions until April, saying it is taking the worsening pandemic and the Government’s tighter coronavirus-related restrictions into account. Under previous guidance, banks were told not to enforce repossessions before January 31 except in exceptional circumstances. The FCA has...

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Rishi Sunak mulls support for sole directors

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The Chancellor is considering plans for a £3bn scheme to help a million small business owners who have been unable to claim furlough or business loans. Those who pay themselves through dividends rather than a salary could be paid up to 80% of lost profits for three months, up...

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Call for government to review stamp duty holiday

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The government should review its stamp duty holiday after implementing a national lockdown, industry stakeholders have claimed. Lee Birkett, founder of JustUs, called for the extension on the stamp duty cut on purchases of homes up to £500,000 in England and Wales, which was introduced in July. He said...

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BoE holds interest rates at 0.1%

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The Bank of England (BoE) has kept interest rates at the lowest levels on record, with its monetary policy committee voting unanimously to keep the official interest rate at 0.1%. The committee also opted to keep the Bank’s quantitative easing bond-buying programme unchanged at £895bn, having pumped an additional...

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40% of construction SMEs have no Brexit plan

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New research from Aldermore bank reveals that the main reason for the lack of Brexit preparations by UK small and medium-sized enterprises (SMEs) in the construction sector was because of their continued focus on managing the impact of the COVID-19 pandemic. The apparent lack of Brexit preparation among many UK...

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BBLS losses could total £26bn

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The Public Accounts Committee says Government plans for recouping taxpayer losses on fraudulent C OVID-19 loans are “woefully underdeveloped”. MPs on the committee say ministers failed to “strike the right balance” between rescuing companies and protecting the public purse. They added that the Government did not have the data to...

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