By Claire West

Commenting on the current situation surrounding bank lending to business, Steve Hughes, UK economist at the British Chambers of Commerce (BCC), said:

“Bank lending is a crucial issue for Britain’s small and medium-sized businesses, and getting the existing concerns resolved quickly is essential if we are going to see a lasting private sector-led recovery".

“The current lending situation is much more complicated than simply forcing banks to lend when demand among businesses is muted. Nonetheless, the banks must be as transparent as possible when decisions are made, and ensure that their decision-making processes are not over centralised, tick box or removed from the front line.”