TIME FOR ACTION OVER BANK LENDING.

TIME FOR ACTION OVER BANK LENDING.

CHANCELLOR’S WARM WORDS NOT ENOUGH,

Commenting on the meeting between Chancellor Alistair Darling and banking bosses over the costs of borrowing for small and medium sized businesses today (Monday), SNP Treasury Spokesperson Stewart Hosie MP said:

“It is essential that the banks – many of them effectively publicly owned – start lending again to small and medium sized businesses.

“I am sure that every MP including myself has been approached by local businesses about not being able to access new and cheaper lending facilities or being offered extortionate rates.

“That has to end and the Chancellor must follow his warm words with action now. For months he has been making these warnings to the banks and we have not seen any improvement in the situation.

“Alistair Darling has had months to sort this problem out and this time must follow through or lose what remaining confidence he has left with the business community.”