Cutting too far and too fast say Labour
- Published on Friday, 23 September 2011 12:57
- Posted by Scott Buckler
Chuka Umunna MP, Labour’s Shadow Minister for Small Business & Enterprise, commenting on the BBA’s statistics that show in August net lending by the UK’s main high street banking groups to non-financial businesses fell by £1.3bn, said
“Again, the banks have cited weak demand as the reason for the fall in lending to businesses. But only this week, the Bank of England’s agents highlighted that the cost and terms of credit made available by banks are putting firms off, as well as the lack of confidence clouding the economic outlook.
“By cutting too far and too fast, the Tory-led Government is crushing business confidence, holding back growth and stalling job creation. The Tory-led Government needs to do more to get banks lending to business, helping them to growth and create jobs.”