HMRC business loan stats further proof of the struggles for small businesses

Robert Marshall, Managing Director of WorkLife, a digital employee benefits platform that provides free financial advice to workers, says “With over £11bn being lent to more than 50,000 smaller businesses through the government’s CBIL scheme, it’s further proof of just what a dire state many of the UK’s businesses are in as they struggle to survive the pandemic and subsequent lockdown. This is on top of the of the extra £18.2bn in borrowing by SMEs revealed by the Bank of England yesterday. This is a life and death moment for many firms that have been hit particularly hard by the ongoing restrictions.

“But we mustn’t forget the knock-on impact this has had for workers; the millions of British employees who have been furloughed or had their salaries or hours cut, and now face their own financial crisis.

“As the lockdown begins to loosen, it is important to remember that both businesses and their employees need support to manage any financial shocks and help them recover. In the meantime, anyone struggling should visit websites like the Money and Pensions Service for clear and helpful guidance on options available to them.”