Cathy Jamieson MP, Labour’s shadow financial secretary to the Treasury, responding to the announcement on changes to the Funding for Lending scheme, said:

“This is an admission that the Funding for Lending scheme has badly failed Britain’s businesses. Net lending to business is down since the scheme was introduced and by over £12 billion in the last year alone.

“We called for the scheme to prioritise lending to business and, after three wasted years when net lending to firms has fallen, the government is belatedly acting.

“But homeowners facing a cost-of-living crisis will want reassurance from Ministers that suddenly taking the scheme away from mortgage lending won’t see a rise in mortgage rates.”

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