Today's Trends in Lending data highlights Government's failure - Umunna

4 January 2013

Chuka Umunna

Chuka Umunna MP, Labour's Shadow Business Secretary, said on Bank of England Trends in Lending additional data sets published today: 

“On top of the Bank of England’s Credit Conditions Survey this week, this highlights the Government’s abject failure to get banks lending to the country’s wealth creators so that our successful entrepreneurs can expand their businesses.   

“After the let down of ministers’ Project Merlin and credit easing schemes, their Funding for Lending scheme has yet to deliver the goods for profitable small businesses who can’t access the credit they need to grow and take on extra employees.  

“Labour has led calls for a proper British Investment Bank to back small businesses, but ministers have dragged their feet and there are real concerns that their plan for a Small Business Bank will simply repeat the mistakes of their previous schemes.”