Small business news roundup- 08th January 2021

Covid: England’s third national lockdown legally comes into force

Lockdown number three! Who would have thought back in March that we would still be in this! The measures are similar to the first lockdown – stay at home, school closures and non-essential stores closed.

This is to be in place until at least 15th of February, when the government will review the impact the lockdown has had. Reports suggest this could however, last until the end of March.

On a positive note, the government are confident that 13 million people will be vaccinated by the middle of February.

To read the full story, click here.

Government offers retail, hospitality and leisure firms new grants to survive lockdown

With the announcement of a third lockdown, Rishi Sunak has announced a new grant to help businesses keep afloat until Spring.

The Treasury says, “This grant will be worth up to £9,000 per property”. This help is in addition to business rates relief and the furlough scheme that has been extended until the end of April.

Reports suggest there may be an opportunity to extend support packages, but this will be reviewed in March.

To read the full story, click here.

Mortgage lending surges to 13-year high

Over 100,000 mortgages were approved in November, which is the biggest surge in 13 years.

This was due to the stamp duty holiday which increased home buying. However, this holiday is set to end in March, so if you are looking to buy a property now is the perfect time.

Reports suggest that banks are increasingly eager to lend, although many banks have a backlog of applications from during the first lockdown. This means that you may have more of a wait when buying a property.

To read the full story, click here.

Leasehold scandal: Millions of homeowners to be freed from ‘rip – off’ ground rents after landmark reforms

Millions of homeowners will now be free from expensive ground rents, with the government making the biggest changes to property law in 40 years.

Homeowners will now be able to extend their leases with no ground rent to pay, under new legislation this is set to be implemented immediately.

The changes will allow both house and flat leaseholders the ability to extend their lease to a new standard length of 990 years with a ground rent at zero.

To read the full story, click here.

Third lockdown puts UK on course for double-dip recession, says British Chambers of Commerce

With England going into their third lockdown this is set to tip the UK’s economy over the edge.

According to news reports, the end of 2020 was bad for business with 43% of all businesses seeing a fall in sales in the last three months of 2020 and a shocking 79% in hospitality and catering businesses.

To read the full story, click here.