03/04/13

Commenting on the credit conditions survey, published today by the Bank of England, Dr Adam Marshall, Director of Policy at the British Chambers of Commerce (BCC) said:

“Although the overall supply of credit to businesses increased for the second successive quarter, it is concerning that the rise was confined to big business, while SMEs continue to be left out in the cold by lenders. These figures, alongside recent Funding for Lending data, confirm the weak credit environment that many small- and medium-sized companies continue to face.

“These figures highlight the need for more support for young and fast growing companies who aren’t getting access to the finance they need to expand and drive growth. Our latest economic survey, published this week, shows that business confidence is up and exports are strong. The signs of growing business confidence must not be choked off by credit constraints. While we welcome the government’s recent publication of a timetable for the long-awaited Business Bank, we believe that the scale and scope of the new institution must be increased so that it can significantly improve the business access to finance environment.”

Ends 

Notes to editors:

A link to the Credit Conditions Survey can be found here.

Media contacts:

Case studies available for interview. Please contact the press office.

Lisa Morrison – Press and Communications Manager

020 7654 5812 / 07717682221

Allan Williams – Press and Communications Officer

020 7654 5813 / 07825746812

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