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Chancellor to rally banks over business lending

27th July 2009

Banks could be urged to make small business borrowing cheaper by chancellor Alistair Darling.

Mr Darling has scheduled a meeting with banking executives today (July 27th) after he admitted he was "extremely concerned" about business lending rates.

In an interview on the BBC's Andrew Marr Show on Sunday, the chancellor called on lenders to 'live up to the promises that they made'.

He said: 'Because of the particular circumstances we're in now, because of the fact we've got this recession, we also need them to lend money.

'That's why we re-capitalised them to do that and that means they've got to live up to the promises that they made.'

His comments come after the Federation of Small Businesses called for action to support village shops, pubs and other businesses at risk of closure.

The organisation claimed that local authorities often fail to offer business rate relief beyond the mandatory 50 per cent.

Councils have the power to grant relief of up to 100 per cent.

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