PLEASE NOTE THAT THE CBILS & BBLS is now closed to new applications
On Wednesday 23rd of March 2022 the chancellor of the Exchequer, Rishi Sunak unveiled his Spring statement for the budget. A lot was covered during his statement, so we have extracted the key findings and summarised for you below.
New data provided by UK Finance showed that SME lending more than double in the first three quarters of 2020 compared to the total in 2019. The data showed that the gross lending to SMEs in the first three quarter of 2020 totalled to over double the total annual lending for 2019, reaching £54 billion.
You will no doubt be aware that as of 1st December 2020, HMRC has once again become a preferential creditor in company insolvency cases.
What does this mean in practical terms?
When a business enters into insolvency, HMRC will now rank ahead of floating charge holders and unsecured creditors and will be paid first for VAT, PAYE, employee NIC’s and Construction Industry Scheme deductions.
Financial companies are being warned to be more vigilant than ever with their data protection and cyber security.
Recent research conducted by data security company Clearswift has concluded that 70% of companies in the financial sector have experienced a cyber security incident in the last 12 months.The research found that almost 50% of the incidents reported were due to employees failing to follow security and data protection policies.
The government announced its Green Finance Strategy earlier this month, further sealing the UK’s position as global climate leader.