Cut to energy bill support – comment from Jonathan Andrew, CEO, Bibby Financial Services
Jonathan Andrew, CEO of Bibby Financial Services commented:“The government’s rationale for dialling down energy bill support is understandable. But the past few years have served blow after blow for the UK’s small and medium sized enterprises as they bounce from one crisis to another. Low on cash, and short of resilience, too many will find themselves on the precipice of collapse come April unless other specific support is put in place.
“At this stage in the year, SMEs need stability and consistency to enable them to plan ahead and overcome challenges associated with unpredictable economic conditions. Sky high costs and interest rates are squeezing cash-strapped businesses at both ends. Ultimately, access to finance to enable cashflow and investment will be critical to businesses’ ability to ride out this storm. But, anecdotally, we know many are struggling to pay back loans, while others face finance blackspots with lenders retrenching from markets, and overall, there appears to be a lack of awareness of what financial support is on offer.
“Urgent action is required from the government to provide clear direction to ensure SMEs can access finance, while ensuring the right level of support to keep them growing. Those SMEs that are equipped to build resilience and invest in their futures will play a vital role in leading the UK out of recession.”