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BRC asks UK government to increase bank lending

The British Retail Consortium (BRC) has today called on the UK government to place more pressure on the UK banking system to increase lending and also backdate the recently announced trade credit insurance scheme. The move comes after a survey released by the BRC confirmed that one third of small and medium-sized businesses and around one fifth of larger retailers have seen their banking facilities reduce over the last three months.

This move by the UK banking sector is seriously at odds with the understanding given to the UK government some time ago in exchange for a tax payer funded bailout. So far, as we have covered on numerous occasions, there has been little in the way of extra funding made available and many UK businesses, especially in the retail sector, are struggling to survive. Despite all of the upbeat headlines and promises in the press, so far there has been no help for the UK retail sector and the situation could get very much worse in the short term.

The subject of trade insurance is also high on the agenda because many insurance companies have withdrawn or increased the cost of this insurance to cover their own risk profiles. Without trade insurance it is very difficult, if not impossible, for a business to operate.

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