Andrew Harding, FCMA, CGMA, Chief Executive, Management Accounting at CIMA urges the government to step up on extending and supporting financial schemes
'f struggling sectors and businesses need to make further sacrifices over the next six months, then the government needs to deliver targeted financial support to those directly affected. Imposing further restrictions without providing targeted financial support will be devastating for people, businesses and the economy as a whole. Struggling sectors and businesses should not need to wait to receive vital support. The Government should urgently look at adapting existing support schemes such as the Job Retention Scheme, CBILS and Bounce Back Loans in a targeted way to support sectors and businesses disproportionality affected by the latest measures and keep the economy going. Funding these loans through a student loan-style approach would provide breathing space for SMEs to adjust their business models, invest and take risks which won’t be an option if they are merely seeking to survive.