Oral Answers to Questions

Neil Carmichael Excerpts

Tuesday 11th October 2011 Commons Chamber

[Neil Carmichael (Stroud) (Con)]

T9. In view of the continued pressures on small businesses in terms of securing bank lending, will the Deputy Prime Minister join me in urging that any reform of banking structure produces bankers in the sector who fully understand the needs, requirements and priorities of small businesses?

[The Deputy Prime Minister]

I strongly agree. The relationship between our banks and small and medium-sized businesses is possibly the most important issue for the country’s long-term prosperity, and one of the many virtues of the Vickers report, which, we have been very clear, in principle we are going to implement, is precisely that it will create a firewall in the banking system, so that there is a real vocation in the banking industry to support traditional customers, such as small and medium-sized businesses, in a way that has slightly withered on the vine in recent years.