Finance: Credit Easing

House of Lords written question – answered at on 7 December 2011.

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Photo of Lord Myners Lord Myners Labour

To ask Her Majesty's Government whether they plan to take action to address the further tightening of credit conditions for small and medium-sized enterprises, as noted in the Bank of England agents' summary of business conditions report for November 2011.

Photo of Lord Sassoon Lord Sassoon The Commercial Secretary to the Treasury

At the autumn Statement, the Chancellor of the Exchequer announced the launch of a package of credit easing measures to help improve the flow of credit to businesses. The national loan guarantee scheme will lead to reductions in the cost of bank loans for businesses with turnover of up to £50 million. The scheme will allow banks to raise up to £20 billion of funding with a government guarantee to lend directly to smaller businesses at a lower cost.

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