The scenario of higher unemployment and pressure on average incomes that threatens S&U’s motor finance customers has become reality with remarkable speed. Nevertheless, we believe government actions should provide mitigation and even allowing for an increase in arrears the company is likely to generate cash as collections outpace much reduced lending demand, augmenting the liquidity headroom it already has. This together with maintenance of relations with customers, brokers and introducers should mean the business is positioned to progress strongly once conditions normalise.