OVER ONE MILLION BUSINESSES HELPED THROUGH BOUNCE BACK LOAN SCHEME

New figures released today by HM Treasury reveal that the banking and finance industry has now provided £45 billion to over one million businesses through Covid-19 business finance schemes. The government-backed Bounce Back Loan Scheme (BBLS) has helped one million businesses to access £30.9 billion worth of loans to help small and micro businesses absorb the Covid-19 financial shock. For the country's small and medium sized businesses, the industry has provided £11.5 billion worth of facilities through the Coronavirus Business Interruption Loan Scheme (CBILS) to 53,500 companies. The Coronavirus Large Business Interruption Loan Scheme (CLBILS) introduced in April to help larger UK enterprises has now provided £2.6 billion in loans.

Stephen Pegge, Managing Director of Commercial Finance at UK Finance, said:

?The banking and finance industry is continuing to deliver on our plan to help businesses of all sizes get through these challenging times. Just over two months since it was launched, the Bounce Back Loan scheme has now backed over one million businesses with £30.9 billion worth of lending. Across all the Covid-19 schemes, £45 billion has now gone towards supporting businesses thanks to the tireless efforts of staff working on the ground.

?Today's figures represent part of an unparalleled package of support from the industry which includes commercial lending, capital repayment holidays, extended overdrafts and asset-based finance. It's important to remember that any lending provided under government-backed schemes is a debt not a grant, and so firms should carefully consider their ability to repay before applying.?

TREASURY TO ANNOUNCE £3 BILLION GREEN ENERGY PACKAGE

The chancellor Rishi Sunak is expected to announce plans tomorrow for £2 billion worth of grants to help hundreds of thousands of homeowners make their homes more energy efficient, The Times (£, p11) reports. The Green Homes Grant will reportedly give households vouchers of up to £5,000 to spend on energy-saving home improvements such as floor insulation (BBC News). The government is expected to pay at least two-thirds of the cost of home improvements under the scheme, with the poorest homeowners not having to contribute anything. The Financial Times (£, p2) reports announcement will form part of a £3 billion package aimed at boosting the economy and meeting the UK's net zero carbon emissions target, with £1 billion of funding to insulate public sector buildings such as schools and hospitals.

NEWS IN BRIEF

The Daily Mirror (p27) reports on a recent warning from UK Finance about holiday scams being perpetrated by criminals exploiting the coronavirus pandemic. Consumers are reminded to follow the advice of the Take Five to Stop Fraud campaign and always take a moment to stop and think before parting with their money or information in case it's a scam.

Business volumes in the financial services sector saw a record fall during the lockdown, according to a survey by the CBI and PWC, with tough trading conditions impacting on business confidence (The Times, £, p41).

Sales of new cars were 35 per cent lower in June than last year, the latest figures from the Society of Motor Manufacturers and Traders (SMMT) have revealed, but saw a stronger performance in than any of the previous three months (Telegraph, £, B3).

The construction sector saw a stronger than expected recovery in June, according to the latest IHS Markit purchasing managers? index (The Times, £, p43).
The foreign secretary Dominic Raab has come under pressure from MPs to use the UK's newly created sanctions regime to target Chinese officials, amid growing tensions between the UK and China over Hong Kong (Financial Times, £, p1).

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