Saving the SME Sector and Recapitalising UK Businesses Post Covid-19
This insightful video from our colleagues at CSFI looks at the problems face the SME sector post Covid-19.
The SME sector is the dynamo of the UK economy. It is also the most vulnerable. Indeed, most smaller businesses have less than one month's free cash - which doesn't bode well as furloughs end, as rent deferrals expire and as accumulated VAT obligations fall due. And then, of course, there is the '13th month' problem when government-guaranteed loans have to be serviced. As this discussion makes clear, there is no time to lose if we are going to avoid carnage. Recognising this, TheCityUK commissioned a high-level team, led by EY's Omar Ali and Sir Adrian Montague, to look at the scale of the problem and to come up with a series of recommendations. The report was published last month, and - to date - is the only comprehensive plan for getting UK plc through the potential quagmire of post-Covid transition.
Panelits: Miles Celic, Chief Executive of TheCityUK; Omar Ali, UK Financial Services Lead and a managing partner at EY; and Simon Underwood, Partner at Menzies.