The BVRLA has joined the Finance & Leasing Association (FLA) and other trade associations that represent specialist lending companies to ask the Chancellor of the Exchequer Rishi Sunak to consider the content of his Comprehensive Spending Review (CSR) and Budget this Autumn.
The trade associations are urging the Chancellor not to prematurely end the support schemes the Government has put in place which have provided a lifeline to businesses across the UK. Lending to businesses has increased from its low point in the Spring, the housing market is strong, and the motor market is returning to pre-crisis levels.
Looking forward to Spring 2021, economic conditions will remain challenging. TheCityUK, for example, suggests 780,000 SMEs will have unsustainable levels of debt, longer term schemes are needed to help small businesses.
In relation to the CSR, the group of associations are urging the Chancellor to make clear what he wants to achieve through support for lending and leave it to lenders to do what they do well i.e. support those businesses that have promise and the most to contribute.