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Full Debate: Read Full DebateDepartment: Department for Business, Energy and Industrial Strategy
Vince Cable
Main Page: Vince Cable (Liberal Democrat - Twickenham)Department Debates - View all Vince Cable's debates with the Department for Business, Energy and Industrial Strategy
(6 years, 6 months ago)
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Margot James
The enterprise finance guarantee scheme was exactly designed to enable businesses to borrow when they lacked collateral, with taxpayer support. If a bank is closing down overdraft facilities to claim on the guarantee—as in the case to which I believe the right hon. Gentleman refers—that would clearly be a gross abuse of the scheme. Any evidence of that will certainly be looked at very carefully by my Department.
Sir Vince Cable (Twickenham) (LD)
Does the Minister not agree that the response to the finding that 92% of the bank’s restructuring group’s small business customers were mistreated has been pathetic and is unworthy of a publicly owned institution?
Margot James
I suggest that the right hon. Gentleman hold fire until the Financial Conduct Authority has decided on what action it may still take. It is empowered to take action, and I totally agree with the sentiments behind his question.