Government’s Task Force To Aid Small Firms Hit By Carillion
19th January 2018.
The Government has set up a task force aimed at supporting small firms who have been hit by the Carillion collapse. It has been reported that up to 30,000 firms have been affected by the collapse of the construction giant and many small firms are balanced on the brink of insolvency. Here at the Credit Protection Association, we offer our services to numbers of businesses in financial distress. This task force should do the same for small firms, finally affording them the attention from Government they deserve.
The so-called task force is to be chaired by Business Secretary Greg Clark and includes representatives from business, trade unions, construction trade associations and lenders.
Mr Clark said it is aimed to give those affected the “information they need in this difficult time”.
Three banks have now agreed to provide support, along with HMRC.
Lloyds is creating a £50 million fund, while RBS is offering £75 million worth of assistance and HSBC £100 million.
British Trades Union Congress (TUC) chief Frances O’Grady, is further pressing the Government to provide protection for private sector contracts by transferring them to alternative providers.
The TUC is also calling for protection for agency and zero-hours workers at Carillion projects, and a risk assessment of other large outsourcing firms.
Small firms have long been considered the lifeblood of the British economy, but many have struggled in the face of Brexit, unsteady inflation, and higher business and interest rates. In the wake of the collapse of one of the largest construction groups in the country, small firms are once again at risk. While this task force should provide small firms with the support they need to bypass this crisis, it may not go far enough. The CPA brings its members back from the brink of insolvency time and time again and will keep doing so in the wake of Carillion’s demise. We encourage members, and potential members, to come to us for advice on your cash flow and credit, and we promise we can bring you back from the brink! Get in touch with us by the details below!
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