By Mr Bankruptcy
23rd March 2021
According to the Chancellor of the Exchequer, the aim of his 2021 budget was to ensure that it “meets the moment”. For the Government, this means a budget that supports jobs and businesses as the restrictions around the pandemic lift and we return to a more normal way of life.
Key budget announcements
The business support schemes which were announced are for a limited time only, so businesses should act quickly if they want to benefit from such schemes as:
The Government’s financial support for Covid-19 totals over £407 billion – an eye-watering amount. But the financial impact of the pandemic on businesses is no less staggering. It’s estimated that UK business debt comes to over £100 billion. This represents a potentially huge challenge for recovery and is highlighted in a newspaper report which suggests that British businesses have taken on debt worth more than twice the average growth that would have been expected since the crisis began.
Although understandable given the circumstance, this level of debt worries me and I’m not surprised by the predictions that up to 250,000 businesses may close over the next 12 months. Business owners and directors need a plan for managing and repaying debts and must ensure that if circumstances don’t improve as hoped, they act quickly and seek advice on managing their debts.
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