The comments made by Ed Miliband, the Shadow Business Secretary, on 21 October 2020.
We are already seeing mass redundancies and rising unemployment, but measures to prevent businesses from becoming insolvent have helped keep the number of business closures low.
Labour welcomed those measures. Yet Ministers cannot explain why they have pulled the plug on this protection. If it was right to help businesses stave off insolvency in June it is right now. The government seem to have moved from ‘we’re all in this together’ to ‘sink or swim’.
Ministers claim to want to protect struggling businesses, but the decision to remove this key protection for business owners flies in the face of that claim. They must urgently change course or the risk is that we see insolvencies snowball before Christmas.