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Bank claim: Banks must reveal business lending

Banks will be told to give the government information on their lending, following complaints that they had been failing to lend money to small businesses.

Business secretary Vince Cable will say that banks need to publish details on their lending to business from each of their individual branches. He says that if banks do not comply with this then legislation will be put in place by ministers forcing them to do so.

Mr Cable is to say that there has been a “remorseless” decline in the amount of money lending that banks have allowed for small businesses. This is in spite of initiatives the government has put in place to make it easier for small businesses to acquire funding.

He will say that banks have favoured lending to larger corporations than to smaller companies. Complaints have come from Whitehall and within industry who said that they think banks have been keeping cash reserves that could have been used to fund small businesses.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801535621-ADNFCR

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