Ministers prepare new finance council to support post-Brexit lending to SMEs
Ministers are reportedly set to launch a finance council to support lending to small and medium sized business (SMEs) post-Brexit, following complaints the government has not done enough to help prepare the firms for the UK leaving the EU.
Read more: Bill to block no-deal Brexit a ‘chink of light’ for business, says CBI
The Treasury and the Department for Business, Energy, and Industrial Strategy will announce the launch of the council following a meeting with business leaders, according to Sky News.
The council will reportedly be chaired by business secretary Andrea Leadsom and economic secretary to the Treasury John Glen, with representatives from various lenders also sitting on the committee.
Chancellor Sajid Javid met with key figures from the City on Monday in a bid to persuade them that a no-deal Brexit could provide opportunities.
But Javid was reportedly warned by banks that SMEs were not prepared for the challenges they would face in the event of no deal.
CBI head Carolyn Fairbairn said this morning that progress towards Parliament passing a deal that would prevent a no-deal Brexit was a “chink of light” for business, but warned “the cloud has not gone away” for firms until an agreement is reached.
Read more: Sajid Javid to meet City figures for talks on a no-deal Brexit
Morning Wire has contacted BEIS and the Treasury for comment.
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