• Douglas Grant, Director of Conister, at AIM listed Manx Financial Group


• 15.09.2021 11:30 am
#infilation #banking #finance

Commenting on UK inflation surging 3.2%, the largest ever month-on-month increase since records began in January 1997, Douglas Grant, Director of Conister, part of AIM listed Manx Financial Group, said: “This runaway surge in inflation will add to speculation that the Bank of England will have to raise interest rates, therefore compounding pressure onto the already onerous debt burden for UK SMEs which has ballooned to unprecedented levels and unfortunately already created a relentless flow of weak zombie-like companies falling off a loan default cliff. It is imperative that we support sectors and businesses that are strong and nimble enough to adapt to the new economy and therefore continue contributing to its growth.

“We also believe that the introduction of the Recovery Loan Scheme will act as second support system for those businesses currently struggling but with long term growth potential . Indeed, we have been pleased to see the Government look beyond the obviously more resilient business sectors and introduce the RLS which can support those businesses that have been mostly negatively impacted by Covid-19, such as the hospitality and leisure sectors. Conister will continue to do all it can, working alongside the Government and traditional lenders, to support businesses.

“At Conister we have delivered upon all of our initial objectives. We have lent our full CBILS and BBLS allocation and have applications which we hope can be accredited under the RLS. We will focus on lending this to robust businesses in all sectors that we believe will thrive in the future. Conister will continue to do all it can, working alongside the Government and traditional lenders, to support British businesses.”