Financial Strategies

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What is a Universal Basic Income?

The Wealth Lab is back again! The Universal Basic Income (UBI), also known as Basic Income, Citizen’s Income, or Guaranteed Minimum Income, is a government-guaranteed payment that citizens receive through cheque. Recipients of the UBI differ depending on the government’s program. Some governments pay every citizen, regardless of how much their income is, while there are …

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What Does It Mean To Get Furloughed – UK

The reopening of essential functions and stores around the country have not curbed the rampant rise of unemployment. Millions of families have not only health and safety at the forefront of their worries but also their livelihood that supports their daily needs. The number of UK’s unemployed and underemployed citizens applying for benefits claims reached …

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Business Budgeting In A Recession

Recessions are an unpredictable and deadly phenomenon for most businesses. No matter how economists predict it, downturns can come swiftly to sweep us at our feet, crippling our businesses without even having time to prepare for the market crisis. With everyone panicking to find a quick fix, entrepreneurs may find themselves at the forefront of …

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What If I Cannot Repay My Bounce Back Loan?

In efforts to buffer the adverse effects of the Coronavirus pandemic to UK markets, national and local authorities work together to devise schemes to support the dwindling economy. The government considers small to medium-sized businesses, commonly referred to as SMEs, as significant pillars to local markets and necessary to the recovery of Britain post-crisis. Thus, they …

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What Happens If a Large Percentage of Bounce Back Loans Default?

When a large percentage of the Bounce Back Loans default or remain unpaid beyond its payment period, the banks have the responsibility to pursue payment from delinquent borrowers.  However, taking the impossibility of economic recovery due to the COVID-19 crisis as an example, banking experts in the United Kingdom are warning that up to half of …

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Systemise For Profitability

When you pick out the insides of successful companies, you will find that they have one thing in common: a foolproof system established since they started from scratch. While every venture and industry is different, a dependable system is always an ingredient for success. Whether it is a systemised workforce, business operations, or customer service, …

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What is Flexible Furlough?

What do you need to know about this coronavirus assistance program? When the Covid-19 pandemic hit the United Kingdom, the nation was put on lockdown to staunch the wave of infection. Businesses were inevitably affected as people were told to stay at home.  To cushion the economic impact, the government rolled out a furlough scheme in …

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What Effect are the Crisis and Recession Likely to Have on my Business Revenue?

One of the most popular yet unofficial definitions of a recession is that “if your neighbour gets laid off, it’s a recession. If you get laid off, it’s a depression.” Technically speaking, though, a recession is characterized by a decline in a country’s gross domestic product for six months, equivalent to two consecutive quarterly financial …

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What Is The Responsibility And Remit Of The Competitions And Markets Authority?

During times of national emergency, we can only count on the central government and its agencies to do a good job handling the situation. While personal responsibility must also be practised at this time, we can only do so much to protect ourselves, let alone the entire nation’s best interests. Since the Coronavirus disease was announced …

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