Umunna: Lord Green’s comments highlight Tory-led Government’s failure to get banks lending
Today, Trade Minister Lord Green admitted in an interview with the Financial Times that the banks are “behind the curve” on delivering their commitments under Project Merlin.
Chuka Umunna MP, Labour’s Shadow Minister for Small Business and Enterprise, following Lord Green’s comments, said:
“Lord Green’s comments today highlight the Tory-led Government’s failure to get banks lending to small and medium sized businesses. The Project Merlin deal lacks teeth and the Government failed to check with the banks how CEO pay would be linked to bank lending targets.
“The agreement gave banks a get out clause by allowing them to blame insufficient demand from SMEs, when it is clear this does not reflect the situation on the ground. Rather than empty words, businesses need assurances that ministers will take the firm action needed to ensure that banks lend.”
