By November 1st the UK governments furlough scheme will end, spelling fresh challenges and opportunities for the banking sector, writes Daniel Lanyon.
The UK could see a wave of consumers and SMEs entering into financial difficulties in Q4 2020 following the end of the governments furlough scheme. What does it mean for banking investors?
While the German and French equivalent furlough schemes continue into 2021, larger UK banks and fintech challengers are facing the furlough and self-employment schemes ending, as well as payment freezes on mortgages, credit cards and utilities ending in the last three months of 2020.
For digital challenger banks such as Monzo, Starling and Revolut, who have come through the coronavirus period relatively …
Read the full article at: https://www.icaew.com/insights/viewpoints-on-the-news/2021/aug-2021/the-end-of-the-furlough-what-it-could-mean-for-banks