Local businesses must be given a fair deal from the banks

Commenting ontoday’s visit to Cornwall by the Chancellor of the Exchequer, George Osborne, West Cornwall MP Andrew George is urging George Osborne to back his efforts to protect small and medium sized businesses from any unethical lending practices of high street banks.

 

Andrew George said, “I hope Mr Osborne will take some time to look at the damaging impact which sharp lending practice is having on not just the businesses who’ve been bullied in this way, but in stifling jobs growth and the recovery.”

 

Mr George is a leading campaigner in Parliament for action to combat the effect which “bully banks” are having on business viability. Last month he led a Parliamentary debate to press Government Ministers to take stronger action to combat the mis-selling of complex interest rate hedging products as a condition for business lending.

 

He said, “Small businesses and sole traders are the engine room of our local economy. Our businesses should be doing what they do well – growing the economy and creating jobs. But many of our businesses have been held back and many others put out of business altogether by parasitic behaviour of the banks.

 

“Of course George Osborne should highlight that the work of Liberal Democrat and Conservatives in Coalition have created the conditions for economic recovery, he should also reflect on the need to do more to protect our small businesses and entrepreneurs from the sharp and unethical practises of the banks.”

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