ACCA comments on Chancellor Rishi Sunak’s microbusiness loan scheme announcement

Alex Metcalfe, head of public sector policy, said:

‘We must be mindful of mounting public sector liabilities, however the need for immediate business support must be the priority for government. An intervention from Chancellor Rishi Sunak to support smaller businesses is to be welcomed.

‘Outside of the pandemic, growing public sector liabilities would be a significant concern politically and for business. In these unprecedented times, these new liabilities are necessary as the immediate fiscal policy response from government is essential to helping the UK economy towards recovery.

‘The liabilities arising from the new microbusiness loan scheme will be best managed by taking a balance sheet approach to the public finances. Accounting data, and professional accountants in government, will be critical to properly identifying and managing these new liabilities.

‘ACCA has more than 80,000 members working on the frontline of business support and would urge both the government and lenders to be receptive to the unique insights and information professional accountants can provide.

‘Now more than ever, government must be pragmatic about loan terms and ensure the timely release of funds to businesses in need.’

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