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‘Banks must lend to South Lakes small businesses’ - Farron

May 24, 2011 11:38 AM

Tim with local resident outside RBS bank in KendalSouth Lakes MP Tim Farron has renewed calls to the Government to keep up the pressure on banks, making sure that they are allowing credit to get through to small businesses as promised.

Figures show that Britain's banks are failing to hit the agreed targets that were made back in February under a scheme called 'Project Merlin'. The Banks pledged to offer a total of £19b in the first three months of the year if they were to stay on course to lend the full £76b to small and medium sized businesses. They have fallen short by £2bn.

Tim said: ''We must keep up pressure on the banks and make sure that they do keep credit flowing. It is vital that they play their part in the recovery, not least because of the part they played in creating the deficit that this Government is now having to deal with. For communities all across the South Lakes small businesses will be the route to recovery and I want the banks to support them better. It is especially important that those banks that were bailed out and are owned by the taxpayer abide by the rules laid out by the government."