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Chuka Umunna MP, Labour’s Shadow Business Secretary, responding to today’s Bank of England Agents’ Summary of Business Conditions, said: 

“After the failures of their Project Merlin and Credit Easing schemes, Ministers are continuing to fail to increase access to finance for responsible and profitable businesses. They said their Funding for Lending Scheme would help get credit to profitable businesses unable to obtain it but, six months after it was announced, we have yet to see the scheme deliver for businesses who need the finance now. 

“Ministers said the Funding for Lending Scheme would increase access to finance for businesses yet the Bank of England tells us today that some lenders are tightening terms and the availability of overdrafts for SMEs is continuing to reduce after the Scheme’s introduction. How much longer must businesses wait for this Government to deliver?”

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