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02/09/2009
Warning over insolvency risk |
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There could be an increase in insolvencies unless banks start to lend more to firms, it has been claimed.
Liberal Democrat treasury spokesman Vince Cable said figures released by the Bank of England this week showing a fall of £8.4 billion in lending to businesses in the past year could have serious consequences.
He stated: "If firms are unable to access credit it is likely we will see even more companies going under, deepening the recession and driving up unemployment," adding that it is "critical" that more credit is made available to firms to help the economy recover.
Those whose businesses are in trouble may wish to speak to an insolvency lawyer about their options.
Figures from the Bank's showed that the three-month annualised growth rate for lending from financial institutions to businesses was down in June for the third successive month.
This compared with a 9.3 per cent annualised increase in June 2008.
Written by Anna Norton
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