Banking (Responsibility and Reform)
Debate between Margot James and Michael Meacher(12 years, 3 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Meacher
I wholly agree with the hon. Gentleman. The mega-bonuses go along with small businesses having to pay exorbitant interest charges, if they can get a loan at all. The Financial Secretary says that the Government are doing their best with RBS, but why do the Government not tell RBS what level of business lending there should be and what the conditions on it should be?
Margot James
In fact, RBS has a reasonably good record of lending to small and medium-sized enterprises. It just missed its Merlin targets. It launched a new product at the end of last year for businesses with low fixed interest rates, no early repayment charges and no fees for the first three months. It is above the market average for small business loans. Some 40% of all SME loans are from RBS, which is—