In his budget speech next week, the Chancellor is expected to announce an extension of the Government’s Covid recovery loan scheme – the amount of money that has been spent under which has not yet been published – which was due to end on December 31st. The Times has the story.
The scheme was launched in April as a bridge between the more generous coronavirus loan schemes and more normal credit conditions.
It provides credit worth up to £10 million and comes with an 80% Government guarantee for lenders. Its terms are less generous than previous pandemic loan schemes. Lenders are allowed to ask for personal guarantees from directors on loans over £250,000. Fees must be paid from the start and businesses must show that they would be viable were it not for the pandemic and had been affected adversely by the Covid crisis.
Data has not yet been published on how much money has been lent under the scheme. However, banking sources have said that the volume of loans has been lower than expected. Under three earlier Government-backed lending programmes, including the business interruption loan and bounce back loan schemes, almost £80 billion of loans were issued to help companies through the pandemic.
An industry source said: “The take-up [of the recovery loan scheme] was never really expected to be as big as the other schemes, but it also hasn’t been as big as they had expected.” The source said it would “make sense” to continue to provide an alternative to bank lending for businesses into the new year.
The economy grew by 0.4% in August, which was weaker than economists expected. It contracted for the first time in six months in July. …
A Treasury spokesman said: “We have provided over £79 billion to 1.6 million businesses through our government-backed Covid loans, including the recovery loan scheme, to ensure firms had finance they needed throughout the pandemic.”
Worth reading in full.
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Sunak expected to lend us our money using our money
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Of course, if they’d not panicked and gone for multiple shutdowns, few of the firms would have required loans, so the spaffing would have been much less. And then Sunak wouldn’t have needed to print all that money to lend, and so wouldn’t be in a position where he has to announce tax rises like any garden-variety Labour government would.
Talk about self-inflicted injuries!
I bet Fishi failed GCSE maths.
Its not Sunak that’s printing it, its the Bank of England via the bond scam.. and they didn’t panic.. that was the plan all along, to destroy the economy. What do you think the ‘Build Back Better’ bullshit being espoused by every developed nation is all about.
The plan is a controlled collapse/destruction of the developed nations economies, and then step in with their new digital banking system, a social credit system linked to digital ID’s, and carbon usage. Game over.. total slavery accomplished.. Read Agenda 21/30 its all there in black and white..
Correct. The scheme is being extended simply because take-up has not been as brisk as expected. This also suggests further extended lockdowns because the job is unfinished.
And the 20% personal guarantee element – as the bankers would say:
“that will do nicely. “
If your only tool is interest rates, everything looks like a bank loan.
Very true
For what it`s worth – always a good idea to hide a few gold/silver coins under the floor boards.
So.. the banking cabal behind the convid nonsense/fraud.. get to loan billions to help you through it, and gain massive leverage over both you and the nation which will be exercised with interest at payback time.. well if that’s not genius thinking, I don’t know what is.. Clever bastards aren’t they!
Seems like companies are wary of getting these loans – having been fucked by the government once, they do not want to be fucked by the government and bankers once again.
Small Businesses should not get loans from banks.
Gates rode into town to give the Pig Dictator a bollocking and his latest orders
Like Hitlers orders to exterminate the Eastern European Jews nothing was written down Orders are given verbally
The cover story was some twaddle about heat pumps
Anyway, the Regional Director is not achieving on target earnings and risks having the funding source for his wallpaper revealed if he doesn’t pull his socks up
In due course an under manger was wheeled out to threaten everyone with being locked up if the didn’t take the new improved death jab
In his war against the British people the Pig Dictator has forgotten an important principle of not fighting a war on two fronts
The booster front has collapsed and is in full retreat
The offensive on the 12 to 17 year old front never really got going and is turning into a war of attrition
True enough but the 650 specimens of reptilian scum who entered their traitor`s lair yesterday could not have failed to have seen that some of their “serfs” are getting more and more agitated by the day (enforced unemployment might do that to a person), the one thing they dread is nationwide anarchy.
No, it was less than 650. No Sinn Fein for a start. And there were a few rebels.
Agree. I wonder what Gates has promised Johnson, once he’s no longer our pig dictator.
I think he just reminded him gently about what happened to Epstein.
“Well, he’s dead…so…”
Love your summary and it rings so true. I guess 5-11 year olds would be the equivalent of opening up the Eastern Front!
Two fronts is no 2 on the list of things not to do in a war
No 1 is ‘never march on Moscow’
As the Pig Dictators ego is larger than Napoleon and Hitler combined it’s still an option
And in case you’re wondering which companies are being helped by the government, have a look at pandemic stock price development of GOOG, AMZN, AAPL, FB, MSFT, NVDA, …
Well who’d of thought it eh!.. that’s surely just a coincidence..???
A friend of mine has a business and employees about 30 people. He said last year his company was offered £60k as a recovery loan. He said they didn’t need it but £60k for free, thanks very much. How many businesses are doing the same, taking the money as there are no strings attached.
My friend wants to buy an Aston Martin and the government have given him a free deposit.
Is he simply not intending to pay it back?
If so, he won’t be alone.
I expect most of these “loans” to be written off, like most student “loans” will be eventually.
Actually, it’s a dangerous thing to do. When the tax office performs its (sporadic) checks a few months down the line, they are most likely to crack down severely on the little unimportant, easy-to-catch thieves in order to make news of what a great work they are doing curbing fraud. They won’t do anything about the big organized crime guys siphoning out these money straight into bitcoins (and other to-the-moon shitcoins that help perform these operations) using fake front businesses that will disappear before any investigation starts (that is, if they ever existed).
They have set up a new investigative department consisting of some serious IP accounting types, to investigate the owners of companies defaulting on support loans, if the money has been squandered, ie not used for its intended purpose, Directors would not be protected by ‘limited liability and may become personally liable. Just as if they had given a PG.
I know a few people who have done similar although I think they were self employed, they have come unstuck when they wanted to purchase property, expand etc as they have been unable to get mortgages etc because their businesses were not able to cope without taking a government grant.
Hopefully many will come unstuck like this due to their greed in stealing from fellow tax payers. It was never the Governments money.
And he’s still your friend?
Like most student “loans”, this money will never be repaid by the recipients.
It’ll be repaid by our children, and their children, through taxation.
Or rather, they’ll never repay it. That’s rather the point, to keep us in hock to Sunak’s masters.
Of course, this is fully consistent with the Branch Covidian cultist agenda.
What Sunak SHOULD be extending is the length of his trousers. Surely he can afford a pair that come all the way down to his shoes?