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News - 16 November 2011

FMB Contradicts Bank Lending Data

The Federation of Master Builders (FMB) are disputing the latest claims of official figures that the UK's biggest four banks increased their lending to companies in the third quarter of 2011. 

There was £57.4bn of new loans from July to September, up from £53bn in the second quarter, the Bank of England said.

However, Brian Berry, Director of External Affairs at the FMB said:
“Despite the new figures on lending through Project Merlin showing that the UK’s major banks lent £18.8bn to SMEs in the third quarter of this year, our members are telling us they are still finding it difficult to access finance.”

Berry continued:
“The behaviour of the banks is completely unacceptable and is holding back delivery of growth and jobs.”

EEF, formerly the Engineering Employers' Federation, gave the latest lending figures a cautious welcome.
Terry Scuoler, EEF chief executive, said: "Today's data shows banks are at least now willing to lend.
While John Walker, national chairman of the Federation of Small Businesses, said the banks had "yet again missed the small business target".

Lavinia Newman, Founder of ABDS says:

“The majority of SMEs aren’t looking for £500,000 and a commercial loan on top. Instead, smaller businesses must be encouraged to approach the banks responsible for distributing the fund so they can start to help repair some of the damage done by the financial crisis.”

If you need any help and advice for your business or financial planning don’t hesitate, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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