Chuka Umunna MP, Labour’s Shadow Business Secretary, commenting on Bank of England Trends in Lending survey showing a fall in lending to business, said:
“Today’s Bank of England Trends in Lending survey shows the ongoing failure of this Government to ensure our successful entrepreneurs and wealth creators can get access to the credit they need at the very time when we want to see successful businesses being able to expand and take on extra employees.
“After the abject failure of the Government’s Project Merlin and credit easing schemes, businesses desperately need the Funding for Lending scheme to make a difference. But even the Minister for Business & Enterprise, six months after it was announced, now accepts there is no evidence the Funding for Lending scheme is working for profitable businesses struggling to access credit.
“Labour has led calls for a proper British Investment Bank to back business, but ministers are dragging their feet and bickering over their plan. The Government’s Business Bank looks highly unlikely to get off the ground much before the next General Election.”<div>