Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk

Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk

Covid-19 and the Future of UK Finances

Covid-19 and the Future of UK Finances

Covid-19 lockdown restrictions are now in the 9th week, and the nation is hopefully beginning to benefit from a relaxation of the rules which were initiated by Boris Johnson, in March 2020, when the coronavirus began to spread throughout the United Kingdom and put immense pressures upon the NHS. Covid-19 continues to have a devastating impact on the UK financial economy and the full ramifications of the United Kingdom’s economy grinding to a halt, due to Covid-19 will only be known over the next 12 to 18 months. There is however significant evidence to suggest that a recession is inevitable due to hundreds of businesses ceasing trading, people being made redundant, alongside millions of people being supported financially through the Government furlough scheme.

Here are United Kingdom loans we have continued our online operation, despite the ongoing lockdown difficulties that have prevented a lot of businesses from functioning on a fully operational level. We, therefore, have fortunately remained unaffected by Covid-19.

Navigating through choppy financial waters

Dominic Cummings appears to have been heavily criticised through various media channels and therefore is has clearly been a difficult time both for him and other members of Parliament who have the unenvious task of trying to navigate a way through this health pandemic. Clearly, the impact on the British economy is significant and, whilst it is acknowledged that the Government have supported millions of workers through the furlough scheme, there will need to be an end in sight for the British Government in providing financial support and therefore the question then will be, where will this leave us in terms of financial stability? The significance of the pandemic is that is it has impacted businesses on a worldwide level and therefore the British government will be able to look towards how other countries have responded in terms of their financial strategies in stabilising the economy and draw upon what has worked and perhaps more importantly, what hasn’t.

To return or not to return?

Although schools in the UK will soon be open to Reception, Year 1 and Year 6 pupils, many people are reported to have taken the decision not to return the children to school due to the risks that exist. Clearly, if children are unable to return to work then this could have a negative impact on the economy, as people are not able to return to work as they may need to focus on childcare arrangements. For those people that can return to work and send the children to school, the school will be different to how it was previously. There will be earlier finishing times, later start times and is questionable whether children will be working at school on a five-day week basis.

These are clearly difficult times that we are going through, and it’s important that we are provided with up-to-date information, in order to make the best possible decisions particularly when it comes to household finances and the impact of Covid-19 on the financial stability of the United Kingdom moving forward through 2020 and beyond.

Representative Example: Amount of credit: £1000 for 12 months at £116.52 per month. Total amount repayable of £1392.63 Interest: £392.63. Interest rate: 79.5% pa (variable). 79.5% APR (variable). Representative Rates from 9.0% APR to 1721% APR – we provide a no obligation quote; your APR will be based on your personal circumstances. Loans between £100 and £5000 over a 3 month to 36-month term.

 
United Kingdom Loans is not a lender, we provide access to a loan matching service. This site will submit the information you
provide to Nouveau Finance’s panel of lenders

Representative Example: Amount of credit: £1000 for 12 months at £116.52 per month. Total amount repayable of £1392.63 Interest: £392.63. Interest rate: 79.5% pa (variable). 79.5% APR (variable). Representative Rates from 9.0% APR to 1721% APR – we provide a no obligation quote; your APR will be based on your personal circumstances. Loans between £100 and £5000 over a 3 month to 36-month term.

United Kingdom Loans is not a lender, we provide access to a loan matching service. This site will submit the information you provide to Nouveau Finance’s panel of lenders

United Kingdom Loans is a registered trading name of Rhumsaa Finance Limited, which is an Introducer Appointed Representative of
Nouveau Finance Limited, registered with the Financial Conduct Authority  under FRN 843158. Nouveau Finance are authorised and regulated by the Financial Conduct Authority
under reference number 727348. Nouveau Finance Limited are a credit broker, not a lender.

United Kingdom Loans will not charge you a fee for the introduction to a potential lender however may receive a commission
or fee from Nouveau Finance Limited following an introduction through this website.

We provide access to a loan matching service. This site will submit the information you provide to Nouveau Finance’s panel
of lenders. We  do not retain applicant data.  All applicants will be subject to credit checks and affordability assessments.
United Kingdom Loans and Nouveau finance will not perform a credit check, lenders to whom you may be referred to will complete a soft search when
assessing your eligibility for a loan. If you accept a lender’s offer, they may subsequently perform a hard credit search to register the loan to your credit file.

Please note that United Kingdom Loans are unable to influence any lending decisions or deal with any dispute that you may have directly with any particular lender with whom you may have entered into an agreement with and in the unlikely event that this may occur you should contact the lender directly in respect of any concerns.

United Kingdom Loans is registered in England and Wales Company number 11508489  with a registered office located at
128 City Road, London EC1V 2NX Company. 

If you are struggling with debt then you may want to contact Step Change National Debt Line or Citizens Advice for help and support:
Step Change , National Debt Line and Citizens Advice

United Kingdom Loans is a registered trading name of Rhumsaa Finance Limited, which is an Introducer Appointed Representative of Nouveau Finance Limited, registered with the Financial Conduct Authority under FRN 843158. Nouveau Finance are authorised and regulated by the Financial Conduct Authority under reference number 727348. Nouveau Finance Limited are a credit broker, not a lender.

United Kingdom Loans will not charge you a fee for the introduction to a potential lender however may receive a commission or fee from Nouveau Finance Limited following an introduction through this website.

We provide access to a loan matching service. This site will submit the information you provide to Nouveau Finance’s panel of lenders.  We do not retain applicant data.  All applicants will be subject to credit checks and affordability assessments. United Kingdom Loans and Nouveau finance will not perform a credit check, lenders to whom you may be referred to will complete a soft search when assessing your eligibility for a loan. If you accept a lender’s offer, they may subsequently perform a hard credit search to register the loan to your credit file.

United Kingdom Loans is registered in England and Wales Company number 11508489  with a registered office located at 128 City Road, London EC1V 2NX Company. 

If you are struggling with debt then you may want to contact Step Change National Debt Line or Citizens Advice for help and support:
Step Change , National Debt Line and Citizens Advice

Footnotes

United Kingdom Loans does not make credit decisions and is not a lender. This website does not directly endorse a particular product or service. Information on our website should be taken as opinion only.

Footnotes

United Kingdom Loans does not make credit decisions and is not a lender. This website does not directly endorse a particular product or service. Information on our website

Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk