BusinessBusiness RecoveryMore Bank competition spells good news for credit crunched SMEs

More Bank competition spells good news for credit crunched SMEs

Things are looking up for the UK economy and SMEs in particular. A couple of new surveys suggest that the country may be on its way out of recession in October as manufacturing and service sector activity barometers show a real upswing. This is happening despite the fact that small businesses are still reporting that access to finance is difficult, or is being offered at a high price. That’s what i liked about the news filtering through yesterday about the planned introduction of new bank networks from next year. Whilst the likes of new entrants like Virgin, Tesco and Metrobank will aim primarily at the consumer, small business banking must be in their sights too. Although the main attractions planned to win customers over will be convenience of opening times and client service in general, its bound to be the case with newcomers that they get nicely competitive on interest rates, or at least, will handle requests for loans with care before accepting or rejecting them.
There’s nothing like a bit of extra competition- the established, somewhat tarnished high street banks will have to respond to the new world of british banking- and this can only mean a brighter outlook for British businesses who have been suffering in this credit crisis for far too long already.

Related Articles

Martin Williams

Business Recovery Martin Williams

6y Accountancy Age, Reporters
Time to Act against slow payers

Business Recovery Time to Act against slow payers

7y Martin Williams
Cash-struck consumers dent recovery hopes

Business Recovery Cash-struck consumers dent recovery hopes

7y Martin Williams
Sort out the credit sloths

Business Recovery Sort out the credit sloths

7y Martin Williams
Window dressing won't save Britain's high streets

Business Recovery Window dressing won't save Britain's high streets

7y Martin Williams
EU ding dong over accounts filing Exemption

Accounting Standards EU ding dong over accounts filing Exemption

7y Martin Williams
Insolvency stats are head-scratchingly strange

Business Recovery Insolvency stats are head-scratchingly strange

7y Martin Williams
Authorities wake up to £38bn robbery

Business Recovery Authorities wake up to £38bn robbery

7y Martin Williams