The report, which surveyed over 2,000 participants, discovered that 80 per cent of respondents thought banks were not doing enough to re-stimulate the economy. 48 per cent went so far as to say the financial industry was holding back recovery in the United Kingdom. When asked what must be achieved to rectify this situation, increasing lending to small businesses and increased support for homebuyers were two of the most cited responses, mentioned by 56 per cent and 55 per cent of those questioned respectively. These findings come as little of a surprise to Aldermore, reflecting what many SMEs have expressed to the Bank in the past.
As explained within the report:
"For a real transformation in public attitudes, homebuyers and businesses - especially small businesses - must feel that they are getting a fair deal when they lodge their savings and a fair hearing when they seek a loan."
The YouGov study also investigated public perception on government measures to improve lending conditions. Despite initial signs that the funding for lending scheme is benefiting businesses, only six per cent of participants were convinced loan approval rates for SMEs have returned to pre-recessionary levels. Just 12 per cent agreed the FLS has had a positive impact on mortgage approval rates.
These results suggest that further action must be taken, by both the government and financial institutions, to create a fairer lending environment.
Aldermore will continue to strive for this goal, which has long been a cornerstone of the Bank's operations, building on the successes of the past year to champion businesses across the country. We're shaking up British banking.
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