We offer a range of high quality accounting, financial and business services in and around Milton Keynes.

Business debt 'will slow economic recovery' from coronavirus pandemic, IoD warns

09 Jun 2020

The Institute of Directors (IoD) has warned that business debt will hinder the economic recovery from the coronavirus (COVID-19) unless steps are taken to make the burden more manageable.

The IoD polled 720 company directors and found that 51% believe that debt their company has taken on during the pandemic will have a negative impact on their recovery. 57% said that debt will hold back their investment plans for the next two years.

The business group is calling on the government, banks and businesses to work together in order to deal with the 'debt mountain' faced by UK firms. The IoD has proposed that small businesses should be able to convert government-backed loans into 'student loans' and make repayments once the business turns a profit.

'During the crisis, government loans have been a lifejacket for business, but they could become an anchor dragging back the recovery,' said Jonathan Geldart, Director General of the IoD.

'If we don't deal with the debt mountain businesses have had to take on because of coronavirus, the economy will take much longer to heal.'

Register

Why not register to receive our monthly newswire? This is packed full of essential business news and handy tax tips to help save you money.

Learn more

Tax Calendar

Our handy tax calendar provides an overview of the key tax dates for your diary.

Learn more

Calculators

B2B’s interactive tax calculators can be used to calculate VAT due, the taxable benefits on your company car and how much your savings are worth.

Learn more

Home | About us | Contact us | Logon | Register | Accessibility | Disclaimer | Help | Site map |

© 2024 B2B Business Advisors Limited. All rights reserved.

We use cookies on this website, you can find more information about cookies here.
Chartered Tax Adviser

Registered in England, Company Registration number – 7906656. Registered Office – 58b High Street, Stony Stratford, Milton Keynes, MK11 1AQ. Registered with the Chartered Institute of Taxation as a firm of Chartered Tax Advisers. Registered to carry out audit work and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales.