Bank of England – Covid-19 Update
We’re mindful that many businesses and households are struggling, that circumstances are changing fast, and some of you have asked where to find information. This may not be comprehensive but we have tried to collect together the most obvious places where you can check what support is available and how it will be delivered.
There is now updated information, with some new links. In particular, the government has a new page and we have a new webpage for our corporate financing facility (CCFF). As ever, more information is becoming available regularly on the various schemes – please check the relevant websites.
Government:
The announcement on the gov.uk website lists the various measures available and who is administering them.
There is a new page for schemes that are going live:
https://www.gov.uk/government/news/coronavirus-business-support-to-launch-from-today
Two schemes involving the Bank of England:
The measures on 11th March included a term funding scheme delivered via the banks (with additional incentives to support SMEs: https://www.bankofengland.co.uk/news/2020/march/boe-measures-to-respond-to-the-economic-shock-from-covid-19. Ask your bank about support.
- The Bank has taken significant steps to support banks’ capacity to lend.
- Another scheme for larger firms via the Bank of England https://www.bankofengland.co.uk/news/2020/march/hmt-and-boe-launch-a-covid-corporate-financing-facility.
- The Bank has published a dedicated webpage for corporates seeking to use the CCFF: https://www.bankofengland.co.uk/news/2020/march/the-covid-corporate-financing-facility
- To access the CCFF, firms do not have to have previously issued commercial paper or currently have a credit rating but they do need to be investment grade firms as of 1 March – please take a look at what steps can be taken in order to participate.
The Association of British Insurers have issued a statement on business insurance cover here<https://www.abi.org.uk/news/news-articles/2020/03/statement-on-business-insurance-and-coronavirus/> and have a COVID-19 Q&A here<https://www.abi.org.uk/products-and-issues/topics-and-issues/coronavirus-qa/> which includes business insurance, trade credit, income protection and pensions and investments.
