Torbay MP Adrian Sanders has pledged his support to a Parliamentary campaign urging the Government to open up lending for small businesses. The campaign, led by Lib Dem Business spokesperson Lorely Burt MP aims to help the nation’s 4.7 million small businesses, 60 of which are closing down every day.
The Federation of Small Businesses has highlighted that 31% of small businesses have seen the cost of credit increase and that a similar amount will have to consider closing business in the near future if the situation does not improve.
The British Bankers’ Association made changes last week to its guidance for banks, advocating a more pro-active approach to identify the early signs of businesses in trouble and look at individual circumstances. There are fears that this is not nearly enough. With a large part of the British banking sector now in Government hands, and interest rates at their lowest level for over 50 years, cheaper credit needs to be released now to prevent further closures.
Adrian is supporting the cross-party campaign, urging the Government to do more and will be tackling Ministers on this and other measures aimed at stimulating the local economy.
Adrian commented: “With shops and businesses closing across Torbay, more needs to be done to improve their chances of survival. The Government’s response in the Pre-Budget report has had a minimal impact on small businesses and many will continue to fail unnecessarily as credit continues to be unavailable on the same terms as in the past.”
Recent Comments