Lord Cotter
Main Page: Lord Cotter (Liberal Democrat - Life peer)
Baroness Wilcox
I assure the noble Lord that the representation from Mr Cook—copies were sent to Clive Betts MP and Angela Smith MP in another place yesterday on their request and will be placed on the BIS website today—had no bearing on the decision-making process. The decision not to pursue the loan was made on grounds of affordability.
Lord Cotter
My Lords, would the Minister not agree—and I am sure that this could highlight the situation generally in the manufacturing industry—on the need for the banks to give support to manufacturing in particular, especially in the light of a recent report from the British Bankers’ Association showing that bank lending fell substantially last year and that many businesses are still being turned down for loans? I know that the Government are concerned about this, but I urge renewed efforts to persuade the banks to address this issue. Time and again they say that they are lending, but the facts say not—and this is an example, perhaps, of a manufacturing industry issue where lending is required.
Baroness Wilcox
The banks will say, as they always say, that it is not their money that they are lending but other people’s money—