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National debt set to hit £2trn

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The cost of the coronavirus crisis is set to see Britain’s national debt reach £2trn for the first time, with projections from the Office for Budget Responsibility suggesting the milestone will be hit next month. Hitting the £2trn mark – a decade after the £1trn point was first exceeded...

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Bounce back loans ‘outperforming’ CBILS

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Bounce back loans (BBL) are proving to be a more successful route to emergency finance than the coronavirus business interruption loan scheme (CBILS) just a few weeks since launching, according to a new report from consultancy Rangewell. Almost £15bn has been lent under the BBL scheme, double the amount...

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Retailers welcome move to reopen shops

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Boris Johnson has announced that all non-essential retailers will be able to reopen in England from 15 June, providing progress on fighting the coronavirus continues. Outdoor markets and car showrooms will be able to reopen from 1 June. New guidance had been published for the retail sector “detailing the...

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New government-backed ‘Future Fund’ launches today

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The government’s Future Fund to support innovative UK companies has now opened. Announced by the Chancellor on 20 April, the Future Fund issues convertible loans to innovative UK companies with good potential, that typically rely on equity investment and are currently affected by COVID-19. The scheme will help these...

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£6m grants to boost assistive tech innovations

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SMEs focused on assistive tech could be set to benefit from a £6m pot of funding after UK Research and Innovation selected Legal & General to deploy funds to early-stage companies contributing to the healthy ageing market. The Industrial Strategy Challenge Fund has issued the grant as part of...

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Self-employed grant scheme sees 110k first day claims

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The first day of the Government grant scheme for self-employed people whose businesses are affected by coronavirus has seen claims worth over £340m. A total of 110,000 people submitted claims worth an average of £3,090 by midday on Wednesday under the new Self-Employment Income Support Scheme, HMRC chief executive...

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