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Chuka Umunna MP, Labour’s Shadow Minister for Small Business and Enterprise
, following the publication of the Bank of England’s credit conditions survey and Business Secretary Vince Cable’s comments on lending to businesses, said:   "Getting the banks lending and getting business moving is key to generating the jobs and growth we need to get people off benefits and into work paying taxes which is the best way to get the deficit down.

“Small and medium sized companies do not want Vince Cable to sit around dithering, as he has been over bank lending to businesses - they want him to give Project Merlin some teeth which he failed to do when he and George Osborne finalised the agreement with the banks. 

“They have failed to check bank CEO pay was properly linked to performance against lending targets before they finalised the Project Merlin agreement - now they are having to revisit the issue with the banks whilst the Tory-led Government's decision to cut too far and too fast and raise VAT has hit the High Street hard and seen businesses close.  

“It is particularly worrying that the banks, who have already fallen short of their lending targets by £2.2bn for the first quarter of this year, tell us in this Credit Conditions Survey that they do not expect to make more credit available to companies in the coming months despite a clear increase in demand from small businesses.”

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