Toby Perkins MP, Labour’s Shadow Minister for Small Business, commenting on the Bank of England’s Trends in Lending report, said:
“Almost a year after the Government’s Project Merlin deal and its promise to increase lending to small and medium sized businesses, ministers are failing to help firms access the finance they need to help Britain return to growth.
“Too often business owners are having to rely on personal finance to stay afloat and firms that could grow are finding that whilst banks may still be paying bumper bonuses they are not lending to small and medium sized enterprises.”
“According to the most recent Bank of England statistics, net lending to businesses was negative in nine out of the last twelve months. The Government is out of touch with the needs of British business and has failed to get banks lending, and it is terrible news for Britain’s small firms.”