Lending figures show our business finance system is damaged

31st January 2014

SME lending (loans and overdrafts) fell by £1.

2bn in December 2013, while lending to large businesses fell by £757m Total business lending fell by £1.9bn in December 2013 Commenting on the latest business lending figures, published today by the Bank of England, John Longworth, Director General of the British Chambers of Commerce (BCC) said: -These lending figures are hugely disappointing, and show that our business finance system remains damaged. It is very concerning that young, fast-growing businesses are becoming increasingly disillusioned with the current lending system, as they are the firms who are finding it hardest to secure finance. -It is clear that only a fully-loaded Business Bank will plug the long-term structural gap in business finance. The current proposals must be turbo-charged to bring greater ambition to the current government proposals.

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