FSB urges banks to play ball

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The FSB has today welcomed the Bank of England’s Monetary Policy Committee’s latest interest rate cut but has warned that the real worry is not just the cost of finance but access to it.

FSB National Chairman John Wright said: “The Federation of Small Businesses welcomes the latest interest rate cut by the Bank of England’s Monetary Policy Committee. But despite previous cuts, around a third of our members are still complaining about poor access to affordable finance.

“With rates now at their lowest ever level, small businesses are more concerned about access to money. The FSB would like a cast-iron guarantee that the banks will not only pass on the interest rate cuts, but pass on the money to the small businesses that need it.

“The small business sector is the sector to see the UK out of recession in 2009 and into economic recovery, but this can only work if credit lines start flowing to viable businesses again.”