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…

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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…

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Covid-19: Stephen Webster supports Mind

Stephen Webster has announced he will donate 10% of all online sales to Mind charity during the coronavirus pandemic.   The jeweller said that it is important to monitor mental health during the current pandemic, as “the world can begin to feel a very dark and lonely place”. Mind is a…

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IJL launches 2020 KickStart initiative

The IJL has announced the launch of its eleventh annual IJL KickStart competition. Applications for the competition, which is open to UK-based jewellery designers, have now launched online, and contestants are now asked to pitch for a place on the mentorship programme. Ten designers will win the competition, and then…

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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…

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Government relaxes insolvency rules

The government has announced a set of changes to help improve the insolvency system to enable companies undergoing restructuring to continue trading. The relaxed measures announced by business secretary Alok Sharma, will allow companies undergoing restructuring to continue to access supplies and raw materials. It has also temporarily suspended wrongful…

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Beaverbrooks closes website and warehouse operations

Beaverbrooks has closed its website and warehouse operations until further notice. Anna Blackburn, managing director at Beaverbrooks, said the company made the “difficult decision” to close its website and warehouse operations to “protect” its colleagues, their families and the wider community. She added: “As a family owned business, the safety…

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Fellows auctioneers stage auction from home

Fellows Auctioneers has revealed that its latest auction was operated in full from a family home in Shropshire on 26 March.  The auction, which was “one of their most successful” auctions to date, achieved a hammer total of £210,000. Managing director Stephen Whittaker was auctioneer from his family home, with…

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What we know about furlough leave and the CJRS

HMRC published details of the Coronavirus Job Retention Scheme (CJRS) on 26.3.20 which are available here: https://www.gov.uk/guidance/claim-for-wage-costs-through-the-coronavirus-job-retention-scheme Key points include: Employees that employers can claim CJRS for For the purposes of CJRS, the definition of employee would include workers and agency workers provided they are subject to PAYE i.e. this…

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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…

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