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RAPSCALLION MAGAZINE: blokish folly or the arrogance of privilege? Dominic Cummings’ explanations haven’t convinced the court of public opinion and he’s potentially holed the ship of Government below the waterline

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RAPSCALLION MAGAZINE: blokish folly or the arrogance of privilege? Dominic Cummings’ explanations haven’t convinced the court of public opinion and he’s potentially holed the ship of Government below the waterlineDominic Cummings in the garden of 10 Downing Street yesterday. Pic: Irish TimesSome thoughts from the journalist Harry MottramIn any other circumstances Dominic Cummings’ explanation of his trip to Durham and even Barnard Castle may well stack up as a kind of understandable blokish folly. His story of a family crisis, the offer of a country retreat and an extended family on hand to childmind while and he and his wife regain their health could seem plausible. And despite doubts over the wisdom of the trip to Barnard Castle it could all make sense except for the fact of the nationwide lock down and Dominic Cummings being one of the architects of the policy.In his extraordinary and highly unusual press conference in the garden of number 10 Downing Street he fronted up to the med…

Two more big names in hospitality threaten to go bust leaving creditors with empty plates

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ICSM Credit: don't let big names take the mickey by not paying invoices before calling in administrators Two more big names in hospitality threaten to go bust leaving creditors with empty platesNobody in their right minds would walk out of a restaurant without paying their bill - but that is what in effect Cafe Rouge's and Bella Italia's owners the Casual Dining Group are on the brink of doing.ICSM Credit have issued a red warning to their members with the news that the owner of Café Rouge and Bella Italia have filed their intent to appoint administrators in the High Court.“We have known for months the two chains owned by the Casual Dining Group were in trouble,” said Ian Carrotte, “but this confirms our worst fears. Many suppliers are owed many hundreds of thousands of pounds and they have been trying hard to get paid overdue invoices. They still own Las Iguanas and must have some cash reserves so don’t hesitate to keep pressing for payment because if administrators move i…

Ian Carrotte: chase invoices owed by theatres, pubs and the night time economy in general as many will not reopen

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Ugly face of the Covid-19 crisis as theatres close leaving the suppliers with nothing Cinderella was a hit at the Southport Theatre but with the theatre shut there's no cashIan Carrotte: chase invoices owed by theatres, pubs and the night time economy in general as many will not reopenTheatres and to an extent the night time economy in general have in a way designed to allow Covid-19 and other virus’ to be passed on.Last week Southampton Nuffield Theatres entered administration, with Southport Theatre and the Halifax Arts Centre following suit while even Shakespeare’s Globe Theatre in London in danger of financial collapse.No fairytale ending: Southport Theatre is set to close due to the Covid-19 recessionWriting in the theatres’ trade magazine The Stage Matthew Hemley quoted the artistic director of the Leicester Curve Theatre Nikolai Foster as saying that the Covid-19 crisis had: “catapulted our already fragile industry into a perilous and uncertain future.”Ian Carrotte of ICSM C…
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U-Shape, V-Shape, L-Shape – modelling the possible outcomes of the Covid-19 recession U-Shape, V-Shape, L-Shape – modelling the possible outcomes of the Covid-19 recessionAs the lock down is slowly eased, speculation increases about the economic effects of the Covid-19 crisis. Clearly the economy has nose-dived since March 23rd, but the question is with such a sharp decline will the country emerge quickly out of the other side of the down turn?Writing for the finance website Filtch economist Brian Coulton believes the health crisis will be contained in the second half of the year. He said: "Our baseline forecast does not see GDP reverting to its pre-virus levels until late 2021 in the US and Europe."To V-Shape or not to V-Shape that is the questionThe Guardian’s Larry Elliott wrote: “If history is any guide, the global economy will eventually recover from the Covid-19 pandemic, but the idea that this is going to be a V-shaped recession in the first half of 2020 followed by a …

The paradox of fewer administrations but more companies on the brink of collapse

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The paradox of fewer administrations but more companies on the brink of collapse KPMG: fewer administrations than 2019 - but expect more than 100,000 corporate insolvencies this yearIn a surprising study by KPMG the number of firms entering administration in the first week of April this year was less than the same period last year with the same reduction in failures compared to March 2019. The Bank of England predicts the economy will see a 14% retraction this year with a slump taking place as the economy gets back to normal this autumn.Don't take no for an answer“There is evidence that the furlough scheme is preventing firms from collapsing,” said Ian Carrotte of ICSM Credit, “while there has been the phenomenon of zombie companies which stagger on from one year to another until the banks call in a loan, they have one bad debt or something like this crisis causes the firm to go bust. They are on borrowed time on the furlough scheme but they’re not earning anything so as soon as th…

AXBRIDGE CHAMBER OF COMMERCE NEWS: details of the ‘bounce back loans’ – help for some small businesses and income support for limited company directors and some self-employed

AXBRIDGE CHAMBER OF COMMERCE NEWS: details of the ‘bounce back loans’ – help for some small businesses and income support for limited company directors and some self-employedGovernment advice for the self-employment who don’t qualify for the various loans so can claim Universal Credit Universal Credit is a monthly payment to help with your living costs. You may be able to get it if you’re on a low income or out of work. You can usually claim universal credit if you’re aged 18 or over and on a low income. You can be in or out of work and you must: meet immigration and residence conditionshave less than £16,000 in savings Your partner’s savings also count if you claim as a couple. If you live in Northern Ireland, go to Universal Credit in Northern Ireland. Find out if you’re eligible for Universal Credit. If you’ve lost income because of coronavirus, you may be able to claim a grant through the coronavirus (COVID-19) Self-employment Income Support Scheme when it launches. HMRC will cont…
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Airlines, retailers, theatre and hospitality businesses in trouble prompt ICSM Credit to issue warning As another airline goes bust ICSM Credit issues a warning about firms looking to restructure or even expand - and seeking new suppliers As the world’s second oldest airline Avianca of Columbia files for bankruptcy in the USA and Virgin Atlantic now in serious danger of collapse Ian Carrotte of ICSM Credit has issued a warning for companies not to grant the aviation industry new credit. “Almost every day a name in the travel and airline industry announces job cuts or financial restructuring,” said Ian Carrotte. “A company doesn’t have to go bust for creditors not to get paid. If they are laying off staff, cutting services or negotiating rescue packages they are obviously in trouble. The first thing these lame ducks do is to stop paying suppliers if they are deemed inessential. At the same time buyers in those firms will be shopping around for supplies so if you suddenly get a big ord…