Michael Moore (Secretary of State, Scotland; Berwickshire, Roxburgh and Selkirk, Liberal Democrat)
The Bank of England and HM Treasury launched the Funding for Lending Scheme (FLS) on
The scheme is already having a positive effect in Scotland. For example, RBS, one of the two major SME lenders in Scotland, has announced that thanks to FLS it will waive fees for every SME granted a loan and reduce SME borrowing costs by 1% on average and 1.6% for smaller SMEs. The Bank of England will publish data on the usage of the FLS along with lending data from the participants on a quarterly basis.