£6m funding boost to help high streets and town centres through pandemic

Hundreds of local business partnerships across England will share £6.1m of funding to spend on projects that will help their local high streets through the uncertainty of the coronavirus pandemic, High Streets Minister Simon Clarke MP confirmed today. Read more: £6m funding boost to help high streets and town centres through pandemic

£6m funding boost to help high streets and town centres through pandemic

Hundreds of local business partnerships across England will share £6.1m of funding to spend on projects that will help their local high streets through the uncertainty of the coronavirus pandemic, High Streets Minister Simon Clarke MP confirmed today.

The money will be paid to local authorities and dispersed to Business Improvement Districts (BIDs). These are local business partnerships that bring developers and communities together to provide local leadership, drive regeneration and deliver projects and additional local services.

Many BIDs are now playing a crucial role during these challenging economic times, offering hands-on support to those businesses affected, including advice services, increased security to protect businesses that have closed, and providing key intelligence to local and central government on the impact of the coronavirus outbreak on their local economies.

High Streets Minister Simon Clarke MP said: “The Government has announced a comprehensive programme of support for businesses to help them deal with the economic impact caused by the coronavirus pandemic and today we are extending that support to Business Improvement Districts.

“These partnerships are uniquely placed and have a proven track record of success in supporting local businesses, empowering communities, championing our town centres and driving forward the renewal of our high streets.

“It’s only right that during these unprecedented times we give them all the necessary support they need to continue operating, so that they can carry on their vital work now and crucially when we move into the next phase of the current crisis.”

Today’s funding comes on top of the Government’s comprehensive package of support for business and workers during the economic emergency including:

  • The Coronavirus Job Retention Scheme where small and large employers will be eligible to apply for a government grant of 80% of workers’ salaries up to £2,500 a month, backdated to March 1 and available for at least 3 months.
  • £330 billion worth of government backed and guaranteed loans to support businesses including a new Bounce Back Loans scheme, which will provide loans of up to £50,000 available to the smallest businesses affected by the coronavirus pandemic.
  • Businesses in the retail, hospitality and leisure sectors in England will not have to pay business rates for the 2020 to 2021 tax year.
  • A deferral of the next quarter of VAT payments for firms, until the end of June 2020 – representing a £30 billion injection into the economy.
  • A £12.3 billion package for local authorities to deliver grants of up to £25,000 to eligible businesses in the retail, hospitality and leisure sectors.
  • New temporary measures to safeguard the UK high street against aggressive debt recovery actions during the coronavirus pandemic.

British BIDs Chief Executive Chris Turner commented: “Government has listened to the requests that we have made on behalf of the BID industry.

“I am exceptionally grateful to the numerous BIDs that have actively supported and engaged with this process, particularly those who joined in our initial Q&A sessions and completed the online survey which, together, provided us with the evidence that we needed.

“My thanks also must go to those levy paying businesses that have backed their BIDs in the request for assistance and to the ATCM and the BID Foundation who have worked in partnership with us on this.

“I am pleased that the outcome is this announcement of much needed support for the industry.”

Bill Addy, Chair of The BID Foundation, said: “BIDs have already stepped up to support those affected by the COVID-19 crisis.

“This includes working with local councils, emergency services and businesses to ensure help and information gets to those who need it; supporting shuttered shops to adapt and deliver their services online; and helping to coordinate safe and secure spaces that meet health advice.

“This new government support is a partial safeguard for BIDs, which are paid for by their member businesses, and will enable them in the short term to continue their vital local efforts now and to plan for the future.”

Simon Quin, Executive Director of the High Streets Task Force, said: “BIDs have established networks and capacity in their local areas which provide vital coordination and help, both for businesses getting back on their feet and for communities that will need guidance and reassurance to return to the high street, when it is safe to do so.

“By accessing this support, BIDs can ensure they continue to make a real difference to the recovery of our town and city centres.”

BIDs are proven an effective vehicle of leveraging private investment and have a significant role to play in high street regeneration: in 2019, BIDs across England raised over £106.7 million through levy payments to invest back into their respective towns and cities. Their role will be even more important in the recovery phase from the current crisis.

Read more:
£6m funding boost to help high streets and town centres through pandemic

Source : Business Matters More   

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Financial Conduct Authority asks courts to help settling insurance claims for firms hit by virus

The Financial Conduct Authority is asking the courts to clear up uncertainty over business interruption insurance policies after some companies have had coronavirus claims rejected. Read more: Financial Conduct Authority asks courts to help settling insurance claims for firms hit by virus

Financial Conduct Authority asks courts to help settling insurance claims for firms hit by virus

The Financial Conduct Authority is asking the courts to clear up uncertainty over business interruption insurance policies after some companies have had coronavirus claims rejected.

The regulator said that decisive action was appropriate given the severity of the potential consequences for customers in the coronavirus emergency.

Companies have had to halt operations and furlough as a result of the lockdown and they argue that their insurance policies entitle them to payouts. The Lloyd’s of London insurer Hiscox is facing action from holders of its business interruption policies over refused pandemic-related claims and the FTSE 100 insurer RSA is facing a similar possible group claim from holiday let owners.

The FCA said that the policies were complex, there were significant differences in wording between them and it wanted to “help ensure there is not undue delay to payments where there are valid claims”. It is working with the Association of British Insurers to bring to court a sample of cases of the most frequently used policy wordings that are creating uncertainty to get an authoritative judgment.

“This will assist both insurers and the insured,” the regulator said in a statement. “It will not determine how much is payable under individual policies, but will provide the basis for doing so.”

A group of about 200 small and medium sized businesses, have appointed the law firm Mishcon de Reya to examine a potential claim over Hiscox’s refusal to pay out on business interruption policies. The disputed Hiscox policies insure against financial loss arising from an inability to use an insured property that is caused by “an occurrence of any human infectious or human contagion disease”. Hiscox rejects the claims and says that the policies were not designed to cover situations such as pandemics.

Richard Leedham, a partner at Mishcon de Reya, said: “Hiscox have said that they did not intend to cover what has happened. That is irrelevant. We are looking at what is in the contract. They could have excluded it but they didn’t. They have provided a very broad form of wording and its natural meaning would cover someone whose business was interrupted by the lockdown.”

The Association of British Insurers has said that the vast majority of policies would not provide cover for the impact on businesses of Covid-19.

Simon Sloane, a partner at the law firm Fieldfisher, who has acted against insurers after catastrophes such as the terrorist attacks of September 11, 2001, and the 2004 Asian earthquake and tsunami, said that while “no insurer would ever intend to cover a pandemic”, several had left themselves open to valid claims because “some of the policies are poorly drafted. What might have taken a number of insurers by surprise is that they haven’t got exclusions in policies from pandemic exposure.”

The FCA also set out measures to support consumers and businesses who hold insurance products and who are facing other problems as a result of coronavirus. “The package of measures sets out the FCA’s expectations that insurance firms should consider whether their products still offer value to customers in the current situation and whether they can be doing more for those suffering a financial impact because of coronavirus,” the watchdog said.

Read more:
Financial Conduct Authority asks courts to help settling insurance claims for firms hit by virus

Source : Business Matters More   

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