TheCityUK responds to the Summer Statement

Chancellor Rishi Sunak today outlined the government’s plans to support economic recovery in the face of the Covid-19 pandemic.

Commenting on the statement, Miles Celic, Chief Executive Officer, TheCityUK, said,

The government’s support schemes, many facilitated by our industry, have been instrumental in protecting millions of jobs and businesses up and down the country.

“The additional measures announced today will help move the country into a new phase of recovery. As it does, we should also consider what further support can be provided to the nation’s SMEs to ensure they can weather continued tough trading conditions. Many of these companies will require recapitalisation and we were very pleased to hear that the Chancellor is studying TheCityUK’s work on this vital subject.”

TheCityUK’s Recapitalisation Group, supported by EY, will shortly publish its final proposals on how to support SMEs manage the c.£35bn of unsustainable debts they are projected to face by March 2021.