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|"Restricted business lending by the banks is hampering growth"|
|Monday, 15 February 2016|
Following the CBI’s decision to downgrade its forecasts for economic growth, Kevin Caley, Founder and Chairman of ThinCats, comments: “The Chinese slowdown and fears over Brexit are concerning the CBI, which is downgrading its forecasts for growth, but in reality restricted business lending by the banks is a much greater constraint on growth. As long as the banks continue to constrain lending to businesses, production will be hampered, wage inflation will slow and growth will be stymied, delaying hopes of a full economic recovery.
“Small and medium sized businesses are the bedrock of the economy and many that have the opportunity to expand simply aren’t getting the support they need because of the continued shortfall in bank finance. Even the emergence of the challenger bank movement is failing to address this. If we want sustained growth, businesses need funding now. The new Innovative Finance ISA is set to transform the peer-to-peer market by more than doubling the funds available to invest over the next year.”
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