Toby Perkins MP, Labour’s Shadow Minister for Small Business, commenting on the Federation of Master Builders’ survey which reveals that 38% of FMB members had been refused credit by a bank that had previously considered them trustworthy, said:
“The growth Britain’s economy so desperately needs is being held back by the failure of Project Merlin to deliver access to finance for British businesses in general and the construction industry in particular. The Government is completely out of touch with the needs of British business.
“Half of FMB member firms say they have been unable to implement expansion plans that would have created jobs because of this failure. Labour’s five point plan for jobs and growth would get the economy moving again, supporting the construction industry with a one year cut in VAT to 5% on home improvements, bringing forward investment projects and a bank bonus tax to fund 25,000 affordable homes. This would rebuild the confidence that consumers, businesses and banks all lack because the Government is cutting spending and raising taxes too far and too fast.”