• Helen White

Regulation call as SMEs begin loan repayments

The first tranche of Bounce Back Loan Scheme repayments are due this week, with 1.5m small businesses set to repay £47bn. While banks have vowed to treat customers fairly, campaigners have voiced concerns that pressure to recover taxpayer cash may put lenders in a difficult position. Noting that lending to businesses is unregulated in the UK, leaving borrowers unprotected by law or the Financial Conduct Authority, Kalyeena Makortoff in the Observer says the pandemic-related debt boom is driving calls to regulate the sector. MPs on the All-Party Parliamentary Group on fair business banking are calling on ministers to introduce laws that would protect SME owners and give them leverage in a court or tribunal. The Observer

0 views0 comments

Recent Posts

See All

G7’s minimum corporate tax rate ‘too low’

While G7 finance ministers have agreed to support a global minimum corporate tax rate of at least 15%, Argentina's finance minister has described the rate as “far too low”. Martin Guzman told an onlin

Companies starting to receive letters demanding taxes

More than 1,200 companies get letters demanding overdue income taxes As the Government starts to recover debts built up in the pandemic, HMRC has sent more than 1,200 companies warning letters demandi