Chris Leslie MP, Labour’s Shadow Treasury minister, responding to Bank of England statistics on the Funding for Lending scheme, said:
“It’s disappointing that the Funding for Lending scheme has not yet had more impact. In the last quarter overall net lending is up by less than £500 million and the Bank of England’s figures show that net lending to businesses actually fell by £3.3 billion.
“The Chancellor must set out in his autumn statement how he will finally boost net lending to small and medium sized firms, which is vital if we are to get our economy moving. This should include making immediate changes to the Funding for Lending scheme to encourage lending to small firms.
“And it’s time the Government listened to Labour’s calls for a British Investment Bank that’s properly backed by the Treasury and not just a re-badging of existing schemes.”