FINANCE HSBC UK supports CBILS


HSBC UK has introduced a raft of new measures to help small businesses access funding from the Coronavirus Business Interruption Loan Scheme (CBILS) on the back of changes announced by the Treasury. The bank is working closely


with the Government and UK Finance to identify emerging issues and make sure customers and businesses have the advice and support they need. In response to updates to


the scheme announced by Chancellor Rishi Sunak in April, HSBC UK has pledged to refinance any lending offered since 23 March 2020 (upon request), require no personal guarantees for loans of up to £250,000, introduce a simplified and transparent interest rate and waive loan arrangement or prepayment fees should the company wish to repay early. It has also put in place


additional credit approvers and trained 2,000 staff to help turnaround times and has rolled out new technology to enable hundreds of call centre staff to work from home so it can continue to serve customers.


Bear (market) necessities


Chris Leafe (pictured), founder of Chamber member Glenrose Financial Planners, gives a view on the economy amid the ongoing coronavirus crisis.


We are getting so much information about the economy, the global effect and the likely outcomes of Covid-19. Markets across the world have been impacted as this unprecedented virus has taken hold. Governments and banks have responded financially and humanely. The only caveat we would put to any information is


that these are totally uncharted and unpredictable times which are dictated by the virus. Fund managers are monitoring the situation on a


daily basis and think that once we are clear of the virus, in the not too distant future we will initially see a global recession (short-lived) followed by a recovery in the latter half of this year and a strong recovery in 2021. We are in what we call a Bear Market – that is, a


market in which share prices are falling, encouraging selling. Bear Markets tend to be short-lived. Although this is a concerning time, we recommend


remaining invested, as time in the market is always a longer-term benefit than timing the market. The funds that we have clients invested in are, on


average, down ten per cent – 12% (some of this will vary depending on individual risk profiles) as opposed to the markets, which are down 35%. This reinforces that funds do react to market downturns but don’t follow completely due to their diversity.


If you were to compare fund values this time last


year to now there is little difference in their values, therefore the impact on a medium- to long-term basis is lessened. We acknowledge that these are concerning times,


but we do believe that the markets and the economies will recover and that fund managers are seeking opportunities that will inevitably present themselves in the markets now. Clearly, we can expect market volatility to continue while we are in this situation.


After a turbulent start to 2020, we would like to reassure clients and contacts that we are taking the threat of COVID­19 very seriously. Supporting our clients and staff is our top priority during this difficult time and we will make sure this continues.


It is important your advisor is being proactive and helping you to:


• Navigate through a rapidly changing business environment and changes in aid, including furlough;


• Assist with projections and cash flow forecasts to help you plan your business;


• Provide up to date information for loan applications; • Provide information and advice regarding tax deferments.


Call us now to see how we can help you and your business’


t: 0115 960 9955 e: enquiries@newtax.co.uk w: newtax.co.uk 470 Hucknall Road • Nottingham • NG5 1FX


58 business network May 2020


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