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PPI refunds: Banks being forced to lend

Banks have been warned that they must lend another £10 billion every year to struggling businesses and homeowners.

Ministers have said that if banks fail to boost lending, they face being broken up, reports thisismoney.co.uk.

The Treasury has said that the government is prepared to break up the big banks unless they increase their lending.

It has also announced that it will shame state-owned banks by adding the banks' potential liabilities to the official calculation of the national debt.

However, shadow chancellor Ed Balls claims that the government has wasted eight months and that there is still no sign of an agreement from the banks to increase lending.

He is quoted as saying: "At this critical time for our economy and for the prospects of a strong recovery, the banks should be playing their part in supporting small and medium-sized businesses."

Chancellor George Osborne wants banks to slash banker bonuses and increase lending from £180 billion last year, to over £200 billion this year.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.
 ADNFCR-2776-ID-800360197-ADNFCR



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