EEF NW comment on Bank of England lending data

Commenting on today’s Bank of England lending data, David Ost, North West Region Director at EEF, the manufacturers’ organisation, said: “Despite reports of increased demand for credit from SMEs the figures show another fall in net lending to businesses and, at an accelerated rate.

"While the enhancement of Funding for Lending to encourage participating institutions to focus on SME lending is welcome, this scheme is necessarily short-term and we need to be doing far more to increase access to finance.

“In the long run, only a more competitive, dynamic, and diverse funding landscape will sustainably improve credit conditions for SMEs. This has to start with increasing competition for lending.”