ABI Comment on The CityUK report 'Recapitalisation essential to protect UK jobs and prevent SMEs failing'

Today, The CityUK has published a new report, 'Recapitalisation essential to protect UK jobs and prevent SMEs failing'. 

The report sets out far-reaching options for converting, restructuring and repaying the projected £35bn of unsustainable debt faced by SMEs following the Coronavirus crisis. The report proposes solutions to help hundreds of thousands of SMEs get back on their feet, save millions of jobs, protect billions of pounds of taxpayer money, and help power Britain’s economic recovery and future growth.

Commenting on the report, ABI Director General, Huw Evans said:

“TheCityUK has delivered a serious piece of work on a critical challenge facing the UK economy. The report points to the potential for insurers to play a significant role in recapitalising the UK’s small and medium sized businesses and we were pleased to contribute to the proposals. Now the work begins to implement them in a way that will enable insurers to play a more meaningful role in SME lending through innovative fund structures and by addressing existing regulatory and supervisory barriers.”