WIREDGOV

The CBI responded to the publication of data on the Funding for Lending scheme by the Bank of England.

Matthew Fell, CBI Director for Competitive Markets, said:

“It’s still early days for the Funding for Lending scheme, but it looks like it has started to make a positive difference to both the cost and availability of finance.

“The sense on the ground is that the scheme has made more inroads in the housing market, so now we need to see a big push so that it makes a difference in the business lending market.

“Raising awareness of Funding for Lending to give firms confidence to approach their banks will be critical to its success. We urge the Government to push ahead with its plans for a business bank, including an advice centre so that SMEs can learn about finance schemes and get the help they need to grow.

“To increase the momentum in the housing market, the Government must focus efforts on implementing the NewBuy scheme, ensuring it has time to bed-in and reach its potential.”

Notes to Editors:

The CBI is the UK's leading business organisation, speaking for some 240,000 businesses that together employ around a third of the private sector workforce. With offices across the UK as well as representation in Brussels, Washington, Beijing and Delhi, the CBI communicates the British business voice around the world.