Feeds

Coalition fails business on banks, says survey

Really?

Secure remote control for conventional and virtual desktops

British businesses have seen no changes in bank attitudes to lending to despite the Coalition's claims that it had brought the banks into line.

In February, "Project Merlin" promised to increase lending to smaller firms by £10bn to £76bn as part of a wider deal with the banks, but a survey by Hotfrog found three-quarters of firms had seen no change in attitudes.

Researchers spoke to 500 companies and found 75 per cent had seen no change in banks' attitudes to lending. Some 70 per cent of respondents said better access to funding would allow them to expand their businesses and hire more staff.

Around 41 per cent of business owners said they'd use their savings if they needed fast access to finance.

Project Merlin was signed up to by the main four High Street banks and Santander. It supposedly means that chief executives bonuses will be, in part at least, decided by how much they lend to smaller firms.

The deal also covered controlling growth in bonuses and compulsory investment in the "Big Society Bank".

The Bank of England is monitoring how the agreement is followed and is due to report shortly.

Regular readers might be suffering from deja vu: Lord Myners promised more lending to small firms back in 2008 when the multi-billion pound bank bailout was first announced. ®

Build a business case: developing custom apps

More from The Register

next story
Kate Bush: Don't make me HAVE CONTACT with your iPHONE
Can't face sea of wobbling fondle implements. What happened to lighters, eh?
Video of US journalist 'beheading' pulled from social media
Yanked footage featured British-accented attacker and US journo James Foley
Caught red-handed: UK cops, PCSOs, specials behaving badly… on social media
No Mr Fuzz, don't ask a crime victim to be your pal on Facebook
Ballmer leaves Microsoft board to spend more time with his b-balls
From Clippy to Clippers: Hi, I see you're running an NBA team now ...
Online tat bazaar eBay coughs to YET ANOTHER outage
Web-based flea market struck dumb by size and scale of fail
Amazon takes swipe at PayPal, Square with card reader for mobes
Etailer plans to undercut rivals with low transaction fee offer
Assange™: Hey world, I'M STILL HERE, ignore that Snowden guy
Press conference: ME ME ME ME ME ME ME (cont'd pg 94)
Call of Duty daddy considers launching own movie studio
Activision Blizzard might like quality control of a CoD film
US regulators OK sale of IBM's x86 server biz to Lenovo
Now all that remains is for gov't offices to ban the boxes
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Top 10 endpoint backup mistakes
Avoid the ten endpoint backup mistakes to ensure that your critical corporate data is protected and end user productivity is improved.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
Rethinking backup and recovery in the modern data center
Combining intelligence, operational analytics, and automation to enable efficient, data-driven IT organizations using the HP ABR approach.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.