Ed Miliband MP, Labour’s Shadow Business Secretary, responding to the Chancellor’s announcement of a new business loan scheme, said:
“Labour has been making the case for some weeks that the Chancellor should underwrite 100% of loans for SMEs. It is welcome that he has seen reason and now agreed to 100% underwriting for the smallest loans.
“There remain very serious issues about the working of CBILS for SMEs seeking more than £50,000 support. They will be asking why they cannot have quick turnaround loans to get them through the crisis and whether CBILS will remain as slow and cumbersome as it has so far been.
“There are also massive challenges facing businesses for whom debt is not the answer. These issues will only become more pressing.”