News Column

Cable Right that Access to Growth Finance Still an Issue for Britain's SMEs, Says BCC

June 18, 2014

LONDON, June 18 -- The British Chambers of Commerce issued the following news release:

Commenting on Business Secretary Vince Cable'sBloomberg speech on banking today (Wednesday 18th June), Dr Adam Marshall, Executive Director of Policy at the British Chambers of Commerce, said:

"Vince Cable's remarks are encouraging to all those who believe that access to finance still bedevils many new and growing companies across the UK.

"More can and must be done to increase the responsiveness of our banking system to the needs of the real economy. As the recent Business Banking Insight research shows, banks still face significant challenges in reconnecting with many businesses. Greater competition, more proportionate regulatory requirements, and the rebuilding of relationships and trust all have a role to play.

"So too does the British Business Bank. We have long argued that the Business Bank must be radically scaled up. It must get closer to UK businesses and their needs, and have the ability to work directly with companies in some instances if it is to become a truly game-changing institution. Scaling up and strengthening the Business Bank must be a top priority in future years, no matter who forms Britain's next government."

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Source: Targeted News Service