(13 years, 10 months ago)
Commons Chamber4. What recent progress he has made in his discussions with representatives of the banking industry on increasing levels of lending to small and medium-sized enterprises.
16. What recent progress he has made in his discussions with representatives of the banking industry on increasing levels of lending to small and medium-sized enterprises.
As announced last week in the House by the Chancellor, the UK’s five major banks have stated a capacity and willingness to lend £190 billion of new credit to business in 2011. That includes £76 billion of new lending to SMEs, which is a 15% increase on the amount lent in 2010. If demand exceeds that, the banks will lend more.