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News — BBC

Small firms thrown lifeline in insurance test case ruling

Mary Talbot-Rosevear BBC Financial Conduct Authority Insurance Payments Small firms

Image copyright: GETTY IMAGES Small businesses have been thrown a lifeline after the High Court ruled some insurers should have paid out for losses caused by lockdown. Judges ruled that the disease clauses in some business interruption policies should have meant they were covered. Following lockdown, a host of businesses had to close and many looked to insurers to cover their losses. But many insurers disputed the claims, arguing policies were never meant to cover such unprecedented restrictions. The test case was brought by the Financial Conduct Authority and had the potential to affect 370,000 mostly small businesses. The insurers can appeal...

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BREXIT - £1000 per household per year?

George Rosevear BBC Brexit BREXIT cost

Brexit barriers could cost households £1k each, report argues Kamal Ahmed BBC Economics editor @bbckamalon Twitter Households could be left up to £1,000 a year worse off because of Brexit trade barriers, a report will suggest. Image copyright AFP Global consultancy firm Oliver Wyman will say that under the most negative scenario of high import tariffs and high regulatory barriers the cost to the economy could total £27bn. Business profits for supermarkets and restaurants could be wiped out because of supply chain disruption. A rise in costs would likely be passed on to consumers, the report will argue. The analysis, to be published next week...

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