Commenting on today's announcement by the Chancellor, Stephen Phipson, CEO at Make UK, the manufacturers’ organisation, said
"Manufacturers will welcome today's announcement by the Chancellor. Since the initial proposals were put forward companies have expressed concern about the availability of finance and the degree of security being demanded by lenders and the Treasury has listened to this feedback and taken swift action. It's also clear that many companies were sitting in the squeezed middle between the loan scheme and Bank of England's Corporate Finance Facility and today's announcement will provide these companies with further reassurance
However, clarification is still needed on the treatment of UK based SMEs which are subsidiaries of larger groups. We are hearing of many companies being denied CBILS loans because of this which has to stop.
Manufacturers across the UK have been struggling to access urgently needed support – we hope that this announcement means that the tap is now turned on”.