The COVID-19 pandemic has placed immense stress on businesses of all sizes and all sectors across every part of the UK. The rapid response by government and industry has helped companies survive the initial economic impact, but looking ahead, it is clear that many businesses – particularly SMEs – will need help to tackle a debt burden that could hold them back or drag them under. To avert this crisis, an urgent and coordinated effort on the part of government and industry is a must. TheCityUK, supported by EY and over 200 financial experts from 50 firms across the financial and related professional services industry, developed a strategy that if implemented, may provide the lifeline that SMEs urgently require.
