Webinar playback: Access to finance – businesses are moving on
Business owners should time the moment right to access finance, but the various grants and loans on offer from the Government to combat the coronavirus pandemic should be taken advantage of – that was the message from the panel on our Access to Finance webinar last week.
Our panel, made up of Dr Steve Walker of ART Business Loans, Chris Barlow or MHA Macintyre Hudson, Rosie Smith of the Bank of England and Andrew Springhall of Breedon Electrical and Blusource.
Walker said that most businesses are “in survival mode” still, but should go out and get the money offered by the Government.
Springhall agreed, and added “We don’t know how long, how deep, how fast any recession is going to be – so take advantage, it’s cheap money.”
Smith said that businesses have moved on from thinking “how do I survive?” to looking forward. She said: “While cash flow is a huge concern, there’s quite a positive mood out there. The way the furlough scheme has been managed by the Government has been absolutely key, because it will have an influence on how businesses survive.”
Barlow addressed the issue of how the unprecedented amount issued by the Government will be paid back.
He said: “Ultimately, there will be tax rises across the board. Undoubtedly, income tax will rise and I do expect a hit on pensions and I wouldn’t necessarily rule out a wealth tax because, let’s be honest here, businesses will be taking the money which will work its way through the system, as it does, and sit with the wealthier people.
To watch the entire webinar, click here.