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21/11/2008
Darling To Force Small Business Lending
Banks could be forced to lend to ailing enterprises, struggling from the effects of the economic downturn, according to reports. Chancellor Alistair Darling is said to be considering robust new legislation that would put pressure on lenders to provide loans to small businesses.
According to the Daily Mail and Daily Telegraph, Mr Darling is looking at a raft of measures to boost small firms, which could include placing a cap on loan interest rates.
Banks have been accused of "sitting on their hands" by some Labour MPs, but this assumption could be changed when the Chancellor unveils his pre-Budget report on Monday, aimed at stimulating the domestic economy.
Schemes to loosen lending policies and boost the underwriting of loans are expected in the report.
Mr Darling has suggested if banks fail to comply with these recommendations, he will legislate to make them do so.
Head of the Treasury Select Committee, John McFall, said banks who refuse to lend to small firms should face public pressure, and be threatened with complete nationalisation.
"Despite having been pulled back from the brink, the banks appear reluctant to launch their sizeable recapitalisation lifeboat and start lending again to households and businesses," Mr McFall said.
A storm has erupted following the banks' apparent stagnant reaction to the £37bn government-backed bailout scheme, by failing to pass on interest rate cuts and make credit available to small businesses.
If the banks fail to comply, there could be "nuclear option" of full-scale nationalisation, Mr McFall added.
(PR/JM)
According to the Daily Mail and Daily Telegraph, Mr Darling is looking at a raft of measures to boost small firms, which could include placing a cap on loan interest rates.
Banks have been accused of "sitting on their hands" by some Labour MPs, but this assumption could be changed when the Chancellor unveils his pre-Budget report on Monday, aimed at stimulating the domestic economy.
Schemes to loosen lending policies and boost the underwriting of loans are expected in the report.
Mr Darling has suggested if banks fail to comply with these recommendations, he will legislate to make them do so.
Head of the Treasury Select Committee, John McFall, said banks who refuse to lend to small firms should face public pressure, and be threatened with complete nationalisation.
"Despite having been pulled back from the brink, the banks appear reluctant to launch their sizeable recapitalisation lifeboat and start lending again to households and businesses," Mr McFall said.
A storm has erupted following the banks' apparent stagnant reaction to the £37bn government-backed bailout scheme, by failing to pass on interest rate cuts and make credit available to small businesses.
If the banks fail to comply, there could be "nuclear option" of full-scale nationalisation, Mr McFall added.
(PR/JM)
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27 July 2009
Darling Tackles Banks On Loan Costs
Lending to small businesses is growing - that's what the UK's leading banks told the Chancellor today. Alastair Darling met with the nation's most high profile institutions this afternoon, and pressed for more details on the financial charges small firms face.
Darling Tackles Banks On Loan Costs
Lending to small businesses is growing - that's what the UK's leading banks told the Chancellor today. Alastair Darling met with the nation's most high profile institutions this afternoon, and pressed for more details on the financial charges small firms face.
20 November 2008
Chancellor's Aid For Small Businesses
A raft of new measures to support small firms, across the UK, to secure loans will be unveiled by the Chancellor next week, the Financial Times has reported. Mr Darling will aim to help ailing companies gain finance and insurance against the backdrop of a wider economic slowdown, the FT said.
Chancellor's Aid For Small Businesses
A raft of new measures to support small firms, across the UK, to secure loans will be unveiled by the Chancellor next week, the Financial Times has reported. Mr Darling will aim to help ailing companies gain finance and insurance against the backdrop of a wider economic slowdown, the FT said.
13 February 2009
OFT Consults On Second Charge Lending Guidance
The Office of Fair trading (OFT) today launched a consultation on draft guidance for businesses engaged in second charge lending. Second charge loans, or 'homeowner loans', involve consumers with an existing mortgage taking out further personal borrowing secured against their home.
OFT Consults On Second Charge Lending Guidance
The Office of Fair trading (OFT) today launched a consultation on draft guidance for businesses engaged in second charge lending. Second charge loans, or 'homeowner loans', involve consumers with an existing mortgage taking out further personal borrowing secured against their home.
04 March 2013
Banks Reduce Lending
The Bank of England has published updated data on the use of the Funding for Lending Scheme (FLS). Today’s publication shows for each group participating in the FLS the amount borrowed from the Bank and the net quarterly flows of lending to UK households and businesses for the fourth quarter of 2012.
Banks Reduce Lending
The Bank of England has published updated data on the use of the Funding for Lending Scheme (FLS). Today’s publication shows for each group participating in the FLS the amount borrowed from the Bank and the net quarterly flows of lending to UK households and businesses for the fourth quarter of 2012.
20 May 2011
Small Firms To Miss Out On Banks’ £2.5 Billion Fund
The Forum of Private business is warning that the vast majority of small businesses seeking affordable finance will miss out on a new £2.5 billion equity fund launched yesterday by the UK's largest banks and the British Bankers' Association (BBA).
Small Firms To Miss Out On Banks’ £2.5 Billion Fund
The Forum of Private business is warning that the vast majority of small businesses seeking affordable finance will miss out on a new £2.5 billion equity fund launched yesterday by the UK's largest banks and the British Bankers' Association (BBA).
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Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
