Small Businesses: Finance Debate

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Department: HM Treasury

Lord McFall of Alcluith

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House of Lords

Small Businesses: Finance

Lord McFall of Alcluith Excerpts

Broadband
Wednesday 25th February 2015

(9 years, 3 months ago)

Lords Chamber
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Lord Newby Portrait Lord Newby
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I am extremely grateful to my noble friend for his suggestion.

Lord McFall of Alcluith Portrait Lord McFall of Alcluith (Lab)
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Can the Minister explain why the British Chambers of Commerce has stated that small and medium enterprises are being increasingly left out in the cold by lenders?

Lord Newby Portrait Lord Newby
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As I explained, gross lending to small businesses was up by 25% last year. That is the figure, my Lords. The noble Lord shakes his head, but that is the figure. Banks have not been as open-handed to small businesses as they were before the crash, partly because at that stage in some cases they were lending irresponsibly and partly because they have had to strengthen their balance sheets—something which the noble Lord has been very keen to encourage.

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