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22 January 2009

Barrett calls for banks to increase support for local businesses

John Barrett, Liberal Democrat MP for Edinburgh West, today called for the Government to put pressure on banks to do more to support businesses in Edinburgh.

Speaking in the House of Commons, Mr Barrett challenged the Chancellor and Government Ministers to take a tougher line with banks to ensure a fair deal for local businesses.

John Barrett said:

“Recent events should have brought the banks, businesses small and large, finance companies and leasing companies together. However, banks have received billions of pounds of public funding while at the same time tightening the screws on small businesses.

“Too many banks have not been supportive or passed on interest rate cuts. Instead, companies in my constituency are finding that their banks are raising charges, withdrawing services and changing conditions of loans and other facilities.

“We are not asking the banks to lend money to businesses that are not good investments. Many of these small businesses are running at a profit, but they face severe cash-flow problems. Unless things change, very good businesses will not be able to trade through these current difficult economic times, because of the lack of support from their own banks.”

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This website was established while I was a Member of Parliament. The site content is being kept online as a source of information, but all forms / email have been disabled.