Statistics on Funding for Lending scheme deeply disappointing figures

Published on Monday, 04 March 2013 15:39
Posted by Vicki Mitchem

Ed Balls MP, Labour's Shadow Chancellor, responding to Bank of England statistics on the Funding for Lending scheme, said:

"These are deeply disappointing figures. Net lending is actually down since the Funding for Lending scheme started and down by £2.4 billion in the final three months of 2012. And the Bank of England's own figures show that net lending to businesses fell by £4.5 billion in last quarter.

"Businesses are losing patience with this government. After nearly three years of failure, the Chancellor must explain what action he will take to finally boost net lending to small and medium sized firms, which is vital if we are to get our economy moving.

"And we need broader action to kick-start our economy and strengthen it for the long-term. Labour and business groups are calling for infrastructure investment to be brought forward, a British Investment Bank and a national insurance holiday for small firms taking on extra staff. It's time this downgraded Chancellor finally listened and acted."

Source: Labour

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