PPI Claim News - 19/2/2010
Bank charges: Bank reveals 'worrying' decline in finance
The decline in finance being made available to smaller firms s is "very worrying", a business expert has claimed.
John Wright, national chairman of the Federation of Small Businesses (FSB), said that access to affordable finance and credit is "crucial as firms look to grow and create jobs as the economy recovers".
His comments come after the Bank of England's Trends in Lending report revealed that the amount of loans administered to British businesses contracted at the fastest pace ever in December.
Month-on-month figures showed that the amount of finance approved to firms had declined by £4.3 billion, compared to November.
In addition, Mr Wright revealed that the FSB-ICM's own report, the Voice of Small Business Annual Survey, also returned some "worrying" statistics.
"The most extensive research of the small business sector shows a third of the 10,000 respondents who have borrowed finance in the past year have been charged more, the vast majority saying their rates increased by more than one percentage point," he revealed.
He blamed the high cost of financial repayments for deterring smaller businesses from requesting access to loans.
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