Financial Services policy briefing: October

Throughout the pandemic, the financial services industry has had a key role to play in supporting companies across various sectors and regions. The resilience and agility of firms, alongside the government interventions, has avoided a larger impact to the UK economy.

As we look ahead to the winter months, the CBI will be focused on engaging members in key consultations and working groups and in reviewing the long-term implications of the pandemic for the sector.

Winter Economic Plan: extension to the government backed loans

In his Winter Economic Plan, the Chancellor announced key measures to address the challenges foreseen for the next 6 months and the long-term change to our economy. These included the introduction of a new wage support scheme starting in November, extension of the government loan schemes, tax deferrals and targeted VAT support for hospitality and tourism.

On the government loan schemes, the new measures on the bounce back loans and Coronavirus