Banks must grasp the nettle and start lending to business

The latest Bank of England Credit Conditions Survey has revealed that lending to businesses did not increase as much as expected in the last 3 months. Commenting, David Frost, Director General of the British Chambers of Commerce (BCC), said:

“This is particularly concerning news considering the pivotal role businesses will play in driving the UK out of recession.

“If the banks do not grasp the nettle and start lending effectively to the private sector they will simply be playing a part in prolonging this downturn. Banks have a responsibility not just to lend, but to lend to the wealth-creating sectors of the economy.”

Ends

Media Contact:

Sam Turvey
Tel: 020 7654 5813
Email: s.turvey@britishchambers.org.uk

Notes to Editors:

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 business across the UK, which employ over five million people.