Chuka Umunna MP, Labours Shadow Minister for Small Business and Enterprise, responding to Vince Cable’s comments on lack of small business lending, said:
“Vince Cable made it clear that some of our banks are failing to lend sufficiently to small businesses and are not taking their responsibilities in this area seriously. With three major players not on track to meet their lending targets, this will hit the confidence of small businesses that need loans to invest and grow.
“And the threat of further action against banks on lending underlines the lack of teeth in the Tory-led Government’s Project Merlin agreement and its failure to make any real difference on the ground.
“Rather than empty promises, we need real action to ensure that small businesses can access finance from banks on acceptable terms.”