Damaged banking relations will take years to repair

11th February 2014

Commenting on the Banking Standards Review by Richard Lambert, John Longworth, Director General of the British Chambers of Commerce (BCC) said:  "For too many businesses, relationships and trust in the banking system were severely damaged during the financial crisis and the recession.

It will take many years to rebuild that trust, and a clear and transparent set of standards for the industry is extremely important.    "We must be under no illusions, however. Improved standards alone will not mean Britain's business finance system is fixed. In addition to improved  relationships, transparency and trust,  companies want to see more competition in the banking sector - and a British Business Bank working with fast-growing firms who can't get patient capital from elsewhere."