Home » Small business news roundup- 05th February 2021

Small business news roundup- 05th February 2021

Budget 2021: What is it and when will it happen?

The crucial Budget meeting will take place on Wednesday 3rd March. This will determine the impact the pandemic has had on the economy.

The Treasury has reported that “the Budget will set out the next phase of the plan to tackle the virus and protect jobs”.

With the Budget meeting approaching, reports from the Office for National Statistics state “borrowing has reached £270.8bn.”

The Budget is something that we think all business owners should watch, it is due to take place at 12:30pm and last around an hour.

For the full story, click here. 

Electric vehicle charge points ‘must be fitted five times quicker’ to hit 2030 target

Electric vehicle charge point installations have increased rapidly over the last 3 years, as the 2030 target to stop production of petrol and diesel cars draws closer. In the past three years a total of 7,000 have been installed.

Fears increase as this pace will not see them hit the target. Reports state they need to pick up the speed to achieve 35,000 over the next 10 years.

There are many areas where electrical charging points are sparse, including north west of England, Yorkshire and Northern Ireland. This means that many people would not be able to travel a significant distance as they are unable to charge their vehicle.

A push to install more on-street charge points for people that do not have off-street parking is needed to increase the accessibility of charging points.

For the full story, click here.

Covid: UK hotel quarantine to start on 15 February

The government has confirmed that from the 15th February, UK residents returning from coronavirus hotspots abroad will have to quarantine in hotels. Passengers will have to stay in their rooms for 10 nights, “with a security guard accompanying them if going outside.”

Reports suggest fines for people breaking the rules will also increase as a way of deterring people. Guests staying at the hotels will be provided with 3 meals a day as well as tea, coffee and water.

The government are set to outline what future passengers will need to do to stay within the rules.

For the full story, click here.

SME owners hold £1.2bn of personal liabilities linked to Covid-19 loans

Reports show that small and medium-sized business owners hold £1.2bn of personal liabilities linked to emergency Covid-19 loans according to The Times.

With many businesses not making it through the pandemic, it is putting a strain on business owner’s personal assets.

Figures from Freedom of Information shows “1,587 directors agreed to personal guarantees when taking credit through the Coronavirus Business Interruption Loan scheme.” When doing so this makes directors liable when taking on debt for the company.

For the full story, click here.