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Bounce Back loans worth £2 billion approved in a day

THE Bounce Back Loan scheme has become an instant hit as more than 69,000 applications worth over £2 billion was approved on 4 May, the first day of the scheme, the chancellor said. As many as 130,000 requests for credit have been received on day one.

These special loans are helping thousands of small firms get finance quickly at a low, affordable rate and with full government-backed guarantee.


The seven largest lenders such as Barclays, Danske, HSBC, Lloyds, RBS, Santander and Virgin Money have received more than 130,000 applications, and they are working hard to process as quickly as possible, an official statement said.

“Small businesses will be the driving force of our recovery from the pandemic, creating jobs and securing economic growth. These loans will help them bounce back from this crisis - getting money fast - so it’s great to see close to 70,000 businesses benefitting in just the first day," said the chancellor Rishi Sunak.

“It’s vital this speedy progress continues in the days and weeks ahead.”

The scheme is part of the government’s business support. The package also provides £8 billion to pay the wages of furloughed staff at 800,000 firms. Around 700,000 business properties are benefiting from £8.6 billion of business grants, generous VAT deferrals and scrapping businesses rates, a statement said.

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Tata Group begins construction of new Electric Arc Furnace in Port Talbot

TATA STEEL UK has started construction of a new Electric Arc Furnace (EAF) at its Port Talbot site in South Wales. Tata Group chairman Natarajan Chandrasekaran marked the groundbreaking ceremony on July 14, joined by Tata Steel CEO and managing director TV Narendran and Tata Steel UK CEO Rajesh Nair.

The EAF project is part of Tata Steel UK’s £1.25 billion plan to transition to low-carbon steelmaking, backed by £500 million from the UK government. The furnace is expected to be commissioned by the end of 2027 and aims to reduce carbon emissions at Port Talbot by about 90 per cent, or 5 million tonnes of CO₂ annually. The project is expected to support 5,000 jobs.

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Virgin Media users face nationwide blackout and Sky Sports login problems

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  • Virgin Media users report widespread service outages on the morning of 14 July
  • Over 400 complaints logged on DownDetector within hours
  • Customers say live chat support has been unresponsive or unhelpful
  • Issues also reported with Sky Sports app logins via Virgin Media
  • Company yet to issue full statement but advises users to contact customer services

Virgin Media broadband users across the UK experienced widespread disruption on Monday morning (14 July), with several hundred reporting a complete internet “blackout” and issues accessing the Sky Sports app via their Virgin logins.

According to data from DownDetector, over 400 reports were logged in the early hours, with affected customers sharing their frustration online. Many cited connectivity failures, poor customer support, and issues persisting for hours.

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Labour’s non-dom tax changes may cost £4bn, experts warn

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Labour’s non-dom tax changes may cost £4bn, experts warn

PLANS by Labour to overhaul the tax rules for non-domiciled residents in the UK could cost the public purse up to £4 billion and result in the loss of thousands of private sector jobs, according to a new analysis.

A report by the Centre for Economics and Business Research (CEBR), shared with The Times, suggested that scrapping the current non-dom regime could lead to a sharp drop in tax revenues if even a fraction of those affected decide to leave the country.

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Tesla set to open first showroom in India

US CARMAKER Tesla is finally making its official debut in India with the opening of its first showroom in Mumbai.

The firm, led by Elon Musk, will unveil the new “Tesla Experience Centre” on Tuesday (15) at Maker Maxity Mall in the Bandra Kurla Complex, one of the city's top commercial hubs.

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UK-BASED Nanak Hotels recently acquired the 60-room Kings Court Hotel, a 17th-century property in Warwickshire, England, for £2.75 million. This is the first regional acquisition by the privately held firm led by British Indians Harpreet Singh Saluja and Karamvir Singh.

Nanak Hotels, which operates a UK property portfolio, plans to invest in the property's refurbishment and repositioning, according to a statement from Colliers International UK, which brokered the transaction.

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