Committee seeks further clarity on bank lending to business

While the Report notes the role Government is playing to encourage private sector growth, it believes that the latest Bank of England figures on bank lending rates demonstrates the size of the challenge facing both the banks and Government.

Adrian Bailey said

• “We welcome many parts of the Government response but we are disappointed with the BIS Department’s lack of clarity on bank lending rates.
• Bank lending rates to business have to improve if the Growth Agenda is to work. The Government needs to have this issue at the forefront of their engagement with the banks.
• I believe that a joint appearance by the Business Secretary and the Chancellor of the Exchequer would sent out a strong message that they and my Committee will keep up the pressure to ensure that they play their part in delivering the economic growth that our country needs.”
  
• Report: Government Assistance to Industry: Government Response to the Committee’s Third Report
• Inquiry: Government Assistance to Industry