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Aldermore CEO: “Funding for Lending Scheme is a positive development for British business"

POSTED: 13th July 2012
IN: Newsroom
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Reacting to the Funding for Lending Scheme (FLS) announcements by the Chancellor and the Governor of the Bank of England today, Phillip Monks, CEO of Aldermore, one of the UK’s leading challenger banks, said:

"We have seen a range of measures to try and stimulate the economy and boost lending to businesses over recent years, but most of these have only had limited success. The major problem has been a lack of focus on the volume of lending to businesses, and to small firms in particular.

"The Funding for Lending Scheme is a positive development for British business. Crucially, it appears to be anchored around net new lending figures by incentivising banks to lend more if they want access to a lower cost of funds. The FLS should be a key plank in ensuring a greater flow of lending to small businesses and homeowners right across the country.

"Given that there are now a number of challenger banks in the UK that are ready, willing and actually able to increase lending to businesses, we hope that Government ensures the FLS also works for this group. Not only will this help encourage more lending to British businesses, but it has the positive effect of more banking competition - something that is desperately needed."‪

 

**Ends**

For further information journalists can contact:

Andrea Coleman/Sam Turvey/ Duncan Browne - Maitland

020 7379 5151

For further information about Aldermore, our financial backers and our PR contacts, please review our Notes to Editors page. 

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