Rishi Sunak, the chancellor of the exchequer, has announced an extension to the coronavirus loan scheme to cover large businesses ahead of its official UK-wide roll out next week. The updated Coronavirus Large Business Interruption Loan Scheme (CLBILS) will now provide lenders a government guarantee of 80% on bank loans of up to £25m for businesses with an annual revenue of more than £45m, the Treasury has announced. The...

JP Morgan has suspended a senior credit trader for using a WhatsApp group to communicate with colleagues, underscoring the growing worry on Wall Street and the City of London over the use of unauthorized electronic messaging systems including Facebook’s FB, -1.08% popular chat app. Edward Koo, who was based in New York, was placed on leave as the bank carries out a review as to whether he broke its policies by using WhatsApp group chats with colleagues in discussions which included market...

The shadow chancellor has vowed to end the “cartel” behaviour of PwC, KPMG, EY and Deloitte if the Labour Party is voted into power next month. In a speech delivered on November 19, outlining the party’s priorities for reform of business, John McDonnell promised to split the Big Four’s auditing businesses from other non-audit services. This...

If you believe the polls, it is unlikely to be in the Liberal Democrats’ gift to implement all the manifesto promises the party released on Wednesday. Nonetheless, as a potential coalition partner, the party’s ideas may yet find their away into government. These are the highlights for financial services: 1. Tax changes for business ...

The UK’s opposition Labour Party published what it called a “radical, hopeful and people-focused” plan for government on November 21, with big pledges on climate change, public service investment and reducing poverty — and new taxes to pay for them. These are the highlights for financial services: 1. More taxes on finance and business ...