Toby Perkins MP, Labour’s Shadow Minister for Small Business, commenting on Trends in Lending data published today by the Bank of England, said:
“According to the Bank of England, net lending to businesses has fallen in nine out of the last twelve months and has fallen by more than £10 billion in the past year. Despite their promises, Ministers have failed to get banks lending to business, in particular to small and medium sized enterprises.
“It is clear that one year after the introduction of the Government’s Project Merlin deal, businesses are still struggling to get the credit they need to survive, expand and take on extra workers.
“Small businesses are being failed by this out of touch Government. That’s why Labour is looking closely at proposals to boost small business finance as part of our ongoing policy review framework and will look at proven successful schemes to get capital to the small business sector.”