Government contracts, racial bias, and interest-only mortgages - here's your need-to-know business news roundup.
The government has broken its promise to give contracts to small firms according to new figures.
Shadow Cabinet Office minister Michael Dugher said small businesses were being “locked out” of government procurement following quarterly figures suggesting that 92 per cent of contracts were given to big companies. [ThisIsMoney]
Recruitment agencies have a racial bias according to a new report.
Figures from Race for Opportunity suggest that black and ethnic minority applicants have a significantly better chance of securing a position if they apply directly to an employer, rather than through an agency. [Telegraph]
Santander is all but scrapping interest-only mortgages, leading to predictions that the deals, on which buy-to-let lenders often rely, will disappear from the market.
Borrowers will now have to put up a deposit of at least 50 per cent in order to secure an interest-only deal with the lender. [Telegraph]
