Small and Medium-sized Enterprises: Interest Rates Debate
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Earl Attlee
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Small and Medium-sized Enterprises: Interest Rates
Earl Attlee Excerpts(8 months, 1 week ago)
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The Earl of Minto (Con)
My Lords, it is an extremely good point. If one goes back to before the financial crisis in 2008, when the big five really dominated, there has been nothing short of a revolution in business lending since then. In fact, last year some 55% of all SME borrowing came from challenger banks—at-base banks and specialist SME banks such as OakNorth and Hampshire Trust Bank. The whole structure has changed in the last few years, and my guess is that some of the more traditional banks are feeling the pain in this area.
Earl Attlee (Con)
My Lords, is the Minister aware that the UK hovercraft industry is experiencing serious difficulties in obtaining performance bonds to cover stage payments in the construction of a hovercraft? If the answer is not in my noble friend’s brief, can he write to me?
The Earl of Minto (Con)
I was not aware that there was this trouble in the hovercraft industry. My guess is that it is something to do with the balance sheet, but I will certainly write to him and we will follow that one up.