Funding for Lending is failing to deliver, says TUC

date: 3 June 2013

embargo: for immediate release

Commenting on the latest figures on the Funding for Lending scheme, published by the Bank of England today (Monday), TUC General Secretary Frances O'Grady said:

'The Funding for Lending scheme is not providing the support small businesses need in these tough economic times.

'Net lending by participating banks has fallen by £2.6bn in the two most recent quarters, with many giving the scheme a wide berth.

'It seems that some banks are just using Funding for Lending to improve their capital position. This is why we need a properly resourced state investment bank that can provide the assistance firms need to grow and create jobs.'

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