Cathy Jamieson MP, Labour’s Shadow Financial Secretary to the Treasury, responding to Funding for Lending statistics from the Bank of England, said:

“These figures show that the Funding for Lending scheme has badly failed Britain’s small and medium-sized businesses. Net lending to SMEs is down once again while bonuses at many of the big banks are up this year.

"It’s particularly disappointing that these figures show lending to SMEs is down by over £2 billion at RBS. A bank that has such large taxpayer support should be better serving British businesses and the real economy. 

"We called a year ago for the scheme to prioritise lending to business but the government was too slow to act. Britain’s businesses deserve better than this. That’s why Labour will reform the banks, cut business rates for small firms and establish a proper British Investment Bank.”

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