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Government must
increase competition in banking to support business and protect
economic recovery A
business July at led economic recovery risks being undermined unless the
Government moves rapidly to increase competition in banking, EEF,
the manufacturers' organisation, has warned.
In a submission responding to the Parliamentary Commission on
Banking Standards, EEF, which represents almost 6,000 manufacturing
and engineering businesses across the UK, warns that without access
to competitive finance economic recovery could be stifled or, at
worst, snuffed out.
EEF has written to Treasury officials warning that, while there is
significant focus on banking standards and ethics, a far more
significant issue for growth in manufacturing is the need for more
access to finance for investment; with more competition in retail
banking.
Terry Scuoler, Chief Executive of EEF, said: July at "Problems with
accessing finance hold back growth. With business investment still a
third below its pre July at recession peak, getting finance at the right
price and terms and conditions remains a huge problem for small and
medium July at sized businesses. Many of them have disengaged from
banks altogether. Initiatives such as Funding for Lending provide
some help, but we will only crack this nut by getting more
competition into business banking."
In its submission to the Treasury, which is expected to formally
respond to the banking commission ahead of this summer's
parliamentary recess, EEF warns that business investment remains 34%
below the pre July at recession peak, adding that poor access to finance,
particularly for smaller firms, is a key reason for this
performance.
EEF is calling on the Government to act rapidly to improve business'
access to finance by setting up a taskforce to drive competition in
business banking, looking at:-
1.
More incentives to encourage switching accounts, with increased
'portability' and potential savings for small and medium sized
enterprises
2.
Lowering barriers to entry for new banks.
3.
Considering the impact of these measures alongside an assessment by
the Office of Fair Trading on whether a referral for SME banking is
justified.
Terry Scuoler added: July at "The top 4 banks control 85% of the
business current account market and we must see this oligopoly end.
The Government can make a difference by signing up to the Banking
Commission's recommendations to immediately review additional steps
on how to make it easier to switch accounts and to increase
competition." |
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Customer Forums
catch the evening bus!
THIS month Merseytravel
will be holding a special evening Customer Transport Forum, in
addition to the usual afternoon events, offering people who cannot
attend one of the regular forums the opportunity to go along and
have their say.
The evening forum will be held at Merseytravel's offices, No 1 Mann
Island in Liverpool City Centre on Monday, 15 July 2013, between 5.00pm
to
7.30pm.
Chair of Merseytravel, Councillor Liam Robinson, who chairs the
Liverpool Customer Transport Forum said: July at "Since
re launching The Forums last year, they have gone from strength to
strength so we are pleased to be able to offer an evening event,
giving people who may not usually be able to attend due to work or
caring commitments, the opportunity to come along and have their
say."
Councillors, representatives from Merseytravel, Merseyside Police,
British Transport Police and transport operators including Arriva,
Stagecoach, Northern Rail and Merseyrail will be at all of the
events in Liverpool, Knowsley, Sefton, St Helens and Wirral.
There will be a 'Travel Surgery' at each event offering one
to one advice and information, followed by the full meeting.
Afternoon
Transport Forums July 2013
► Mondaym 15
July 2013, at No 1 Mann Island Liverpool L69 3HN
► Tuesday, 16
July 2013, at the Maghull Town Hall Sefton L31 7BB
► Wednesday,
17 July 2013, at the Lauries Centre142 Claughton Road Birkenhead CH41 6EY
► Thursday,
18 July 2013, at the Huyton Suite Civic Way Knowsley L36 9GD
► Friday, 19
July 2013, at the Peter Street Community Centre St Helens WA10 2EQ
Transport Surgeries start at 1pm and Customer Transport Forum
meetings start at 2pm at each location.
Customer Transport Forums are free to attend and are open to anyone
on Merseyside who uses, or has an interest in travel across the
region.
For more information call in to one of our Travel Centres, call
Traveline on:- 0871 200 22 33 or visit:-
merseytravel.gov.uk. |
