Lockdowns wipe out £2bn of sales at Primark
Covid-19 lockdowns have cost Primark £2bn in lost sales, according to its parent company, Associated British Foods. The discount fashion retailer does not sell products online, which meant that it…
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Borrowers allowed payment deferral ahead of new lockdown
With a four-week lockdown set to come into force in England on Thursday, the financial regulator has said that lenders should give customers longer to pay back what they owe…
How will home working affect the UK economy?
UK businesses could suffer from a lack of creativity due to colleagues not being able to interact in the workplace during the Covid-19 crisis, the Bank of England's chief economist…
HSBC considers charging for current accounts
HSBC has warned that it could start charging for "basic banking services" in some countries after reporting a 35% drop in quarterly profit. With its earnings hit by very low…
Lloyds staff to work from home until ‘at least spring’
Employees at Lloyds Banking Group who are currently working from home as a result of the coronavirus pandemic will be asked not to return to the office until at least…
Banks accused of charging retailers ‘excessive’ card fees
Retailers are calling for action over what they say are "excessive" fees charged by credit and debit card providers in the UK. Card use rose steadily from 54% of transactions…
CFOs don’t expect recovery until next summer
Almost two-thirds (62%) of finance leaders in the UK believe that demand for their own businesses is unlikely to recover to pre-pandemic levels until after the second quarter of 2021.…
Bank of England asks banks if they are ready for negative rates
The Bank of England has contacted UK banks to ask them how ready they would be if the base rate was cut to zero or turned negative. Although the Bank…
Covid-19 ‘bounce back’ loans could cost UK taxpayers £26bn
Up to 60% of borrowers may default on business loans provided through the UK Government's Bounce Back Loan Scheme, the National Audit Office (NAO) has warned. A new report by…
Almost 500,000 redundancies planned since start of pandemic
Employers in Britain were preparing to make 58,000 redundancies in August, taking the total to 498,000 for the first five months of the Covid-19 crisis. Figures released to the BBC…
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