Cable right to keep pressure up on banks

Commenting on Vince Cable’s first major speech as Business Secretary today – in which he emphasised the importance of bank lending to business – Adam Marshall, Director of Policy at the British Chambers of Commerce (BCC), said:

“We are pleased that the government plans to make continued business access to finance a top priority. But a sensible discussion is required about the nuances of the situation that takes account of both supply and demand concerns.

“Our members have reported less difficulty accessing finance in recent months, but it’s equally true there is a lack of demand for finance amongst smaller firms, as uncertain economic conditions deter investment and working capital worries have eased.

“What has become evident over the last 18 months is the importance of improving working relationships between banks and their business clients. While many firms have a good relationship with their bank, there are problems around centralised decision making, poor local service provision in some areas, and sometimes, an inadequate understanding of all the options available to companies.”

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