SMALL and medium-sized enterprises (SMEs) are the lifeblood of our economy. They employ close to 14.4m people (almost 60 per cent of total
The chancellor last week confirmed that as part of the first ever Small Business Bill, the government will require
The establishment of the
All of this builds on steps the government has taken to boost more traditional bank lending to SMEs, which fell sharply after the financial crisis. We introduced important credit easing measures such as the Funding for Lending Scheme, which reduced loan costs for lenders and businesses, and helped boost competition. And the new Business Banking Insight survey is providing information on the banking products and services available to SMEs, including a public ranking of
As a result of all of this work, the picture has begun to steadily improve. Gross lending to SMEs has been increasing since
However, the government is not stopping there. I am clear that while we have made a good start, there is a lot more to do.
One of the biggest concerns we all share is the need to ensure jobs and economic security for ourselves and our families. The achievements of hard-working businessmen and women are key to our economic regeneration, and this government is determined to promote their success.
Andrea Leadsom MP is economic secretary to the Treasury and City minister.
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