As UK Fintech week kicks off today, Rishi Sunak, Chancellor of the Exchequer addressed members of the industry outlining proposals designed to “enhance the UK’s competitive advantage in Fintech.” This includes regulatory support and reforms to help Fintech firms grow. The Chancellor also commented on… Read More
The Bank of England and HM Treasury have jointly announced the creation of a task force to explore a central bank digital currency or CBDC. The CBDC will be a digital currency issued by the Bank of England for use by consumers as well as… Read More
At the end of last week, HM Treasury published a consultation on cryptoassets (digital assets) and stablecoins. An earlier consultation on cryptoasset promotions concluded on 26 October with results expected soon. The consultation is said to be the first stage in the government’s process concerning… Read More
In March of 2020, the Chancellor of the Exchequer Rishi Sunak delivered the UK budget. Included in the presentation was the announcement of a Fintech sector review – a study to be led by Ron Kalifa OBE, who was previously CEO Worldpay and current Chair… Read More
UK Chancellor of the Exchequer Rishi Sunak has extended the government-guaranteed Covid-19 business loan schemes until the end of March. The announcement was joined by confirmation that the furlough scheme has been extended until the end of April 2021. The Chancellor said: “Our package of… Read More
Emergency COVID-19 funding or financial relief for companies in the UK will reportedly go back to the Treasury at the end of this month if it’s not claimed, the BBC reports. About four months after £12 billion in Coronavirus related funding was approved to help… Read More
Today the British Business Bank has announced that it has approved Allied Irish Bank, Investec Bank plc, and Mercedes-Benz Financial Services UK Limited have been accredited under the Coronavirus Large Business Interruption Loan Scheme (CLBILS). These three new CLBILS lenders will be able to provide… Read More
HM Treasury has issued two public consultations today. One is a review of the current requirement for an authorized firm to approve the financial promotion of an unauthorized firm that may not operate as a strong enough safeguard to ensure such financial promotions are compliant… Read More
This week’s update on COVID-19 support schemes indicates that over 1.1. million UK businesses have been approved to receive £46 billion. The numbers breakdown as follows: Approximately 1.05 million smaller firms have received a total of £31.7 billion through the Bounce Back Loan Scheme, an… Read More
In a speech today entitled “Plan for Jobs” by the Chancellor of the Exchequer Rishi Sunak, he announced the elimination of the Stamp Duty at a certain threshold in a move to improve the UK housing market. The Chancellor explained: “… to catalyse the housing… Read More
HM Treasury has posted its weekly update on its COVID-19 business support schemes and as one would expect the numbers continue to push higher. HM Treasury reports that more than one million businesses have been approved to receive £45 billion in financing support. In… Read More
Nextfin, a UK-based investment aggregation platform, announced on Thursday it has launched its “Free Our Startups” campaign to help entrepreneurs and startups that are impacted by the COVID-19 pandemic. Along with the “Free Our Starups” campaign, Nextfin also revealed it penned an open letter to… Read More
The Chancellor of the Exchequer has adjusted the Future Fund to enable businesses that contribute significantly to the UK economy but do not have their parent company based in the UK because they participated in a non-UK based accelerator program to qualify for the Fund…. Read More
HM Treasury’s weekly update on the COVID-19 business support schemes indicates that lenders, both traditional banks and Fintechs, have provided a growing amount of financing to both smaller and larger firms impacted by the Coronavirus. The main government programs include; the Coronavirus Business Interruption Loan… Read More
HM Treasury is out with its weekly update on COVID-19 lending schemes designed to support businesses impacted by the pandemic. According to the update, over 830,000 UK businesses have provided £34.9 billion through the three major government-backed lending programs. £3.6 billion has been granted to… Read More
HM Treasury has published an update on the various COVID-19 support schemes for UK businesses. Published today, UK lenders have now approved over £31.3 billion in loans for more than 745,000 businesses. The three programs include; The Bounce Back Loan Scheme (BBLS), the Coronavirus Business… Read More
Andrew Jenkins, the HM Treasury appointed Fintech Envoy for Northern Ireland, has argued that the financial technology industry could help create many new jobs in the next few years in Northern Ireland. While speaking to the Stormont Economy Committee on Fintech in N. Ireland, Jenkins… Read More
Each week, HM Treasury publishes updates on approved lending under three COVID-19 related support schemes. This week HM Treasury said £12.47 billion has been approved in the ongoing programs. The breakdown of the funding is as follows: Coronavirus Business Interruption Loan Scheme (CBILS) Data up… Read More
Long-anticipated, the Future Fund opens for applications today. The Future Fund will remain open until September and is delivered in partnership with the British Business Bank. The Future Fund was revealed in April by Chancellor of the Exchequer Rishi Sunak as part of a package… Read More
HM Treasury has provided an update on the progress of the various COVID-19 support programs that have been put in place in the last two months. According to the UK government: 8 million jobs have now been furloughed with £11.1 billion claimed so far… Read More
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