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Carmarthenshire Liberal Democrats
FPB report is damning indictment of banks and Government - Randerson
January 26, 2009 12:00 AM
Originally published by Welsh Liberal Democrats
Originally published by Welsh Liberal Democrats
Following the publication of a report from the Forum of Private Business (FPB) that shows that SMEs are finding it increasingly difficult to arrange finance and that banks are increasing the cost of borrowing, Welsh Lib Dem Shadow Minister for the Economy, Jenny Randerson AM has reacted with anger.
The report found that in the final six months of 2008, 40% of firms surveyed have seen an increase in the cost of banking and that the cost of loans and overdrafts has increased significantly, despite interest rate cuts.
Jenny Randerson said: "The FPB's findings will rightly provoke outrage across the SME sector. The banks are taking billions of pounds of taxpayers money with one hand, and ripping off SMEs with the other.
"SMEs are so important to the economy and jobs and it is outrageous that the banks are using the recession as an excuse to rip them off. The Government, which has invested so much of our money in the banks must demand an end to this practice, and a return to favourable and affordable financing for British firms."