Downing Street Says » Small Businesses

» Tuesday, December 9, 2008

Small Businesses

Asked if there had been any progress on lending to small businesses, the PMS said we were seeing some progress. The banks were taking a constructive approach to these discussions and we had seen announcements from RBS and HSBC in recent days about how they would be treating small businesses more fairly. So we were seeing some progress but there was more to do. Put that a lot of small businesses felt that they would have to lay off staff because the banks were still not lending, the PMS said he would not get into the specifics of what was said in Cabinet, but the Government was aware that many small businesses were facing difficulty accessing bank credit.

That was why we wanted to work constructively with the banks in order to get the banks lending and ensure they fulfilled the commitments that they themselves entered into at the time of the re-capitalisation programme.

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