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Bank charges: Labour wants to establish regional banks

Labour will establish regional banks in order to boost lending to small and medium-sized enterprises (SMEs) if it wins the next election.

Ed Miliband, leader of the Labour Party, is due to say at the British Chambers of Commerce annual conference that establishing a network of regional banks will help local SMEs to gain access to finance. This idea is based on a banking model seen in Germany called Sparkassen, where banks can only lend to businesses local to them.

Major banks had been encouraged by the current government to lend to SMEs and homeowners at cheaper rates as it invested money in them under the Funding for Lending Scheme (FLS). However, it was found that lending from banks decreased by £2.4 billion in the final quarter of 2012.

The government hopes to see growth from SMEs in order to improve the domestic economy. However, SMEs have said that they are often held back as it is difficult for them to gain access to finance.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801556581-ADNFCR



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