09/07/12

Commenting on the speech made by Ed Miliband on banking, Adam Marshall, Director of Policy at the British Chambers of Commerce (BCC), said:

“Too often businesses face Hobson’s Choice in getting the finance they need. There are limited choices for businesses looking for credit vital to grow, invest, and take on staff. What’s more, switching between banks can be an administrative nightmare for many companies.

“We need a more competitive banking environment that enables businesses and consumers to access the best products and services. The commercial banking industry has to change, and both government and regulators must create an environment that ensures firms get a fair deal from lenders.

“Creating new banks is one way of driving up competition and choice, but on its own, it will not solve the funding gap faced by new and growing firms. The creation of a dedicated business bank would ensure that new and growing companies can access the finance they need to develop new products and services, export to new markets, and take on more staff.” 

Ends

The British Chambers of Commerce (BCC) is the national voice of local business.

The BCC sits at the heart of a powerful nationwide network of Accredited Chambers of Commerce, serving over 100,000 businesses across the UK, which employ over five million people. For more information visit: www.britishchambers.org.uk

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