Winter economy plan reaction

“The Chancellor has today recognised again that the big challenge for businesses amongst ongoing economic uncertainty is their cash flow. As such, today’s announcement is welcome, with a range of measures including a new wage subsidy scheme, an extension of business interruption loan schemes including CBILS, the ability to spread deferred VAT over 12 months and a continued VAT cut for hospitality businesses.

“Whilst the devil will be in the detail and it’s unclear whether this goes far enough in terms of targeted support for the most impacted sectors, it does nonetheless feel like a positive step in smoothing the various cliff-edges for SMEs that were so obviously looming.

“Non-bank lenders have a critical role to play in funding SMEs through this crisis and enabling the return to growth. As a CBILS accredited lender we’re pleased that businesses will have the opportunity to continue accessing funding under these schemes until the end of the year with plans for a replacement scheme in 2021. In addition to CBILS, our range of asset-based lending options including Invoice Finance and Asset Finance can be brilliant tools for assisting cashflow and working capital during all stages of a business’ recovery.”

Josh Levy, CEO of Ultimate Finance