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Good morning. From a personal finance perspective, the main story this morning is the new measures proposed by the Financial Conduct Authority. These mean banks and credit providers will charge no interest on credit cards or loans for three months if COVID-19 is causing you hardship.

The FCA has also told banks not to increase overdraft costs. They will also have to offer interest-free overdrafts of £500 for up to three months on an individual’s main account. You will be able to request this facility, even if you don’t have a current overdraft. Check your statements for interest on credit cards just in case.

The new measures should come into force on April 9th. Banks have until April 6th to respond before the rules are made official.

In other business and finance related news:

That’s the end of today’s update. We’ll carry on keeping you informed of coronavirus-related news that is relevant to your business or finances. Please check back regularly.

In the meantime, if you need any help or advice from our accountancy team, please get in touch. We’d be very happy to help in any way we can.

 

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About Ben Locker

Ben Locker is a copywriter who specialises in business-to-business marketing, writing about everything from software and accountancy to construction and power tools. He co-founded the Professional Copywriters’ Network, the UK’s association for commercial writers, and is named in Direct Marketing Association research as ‘one of the copywriters who copywriters rate’.

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