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RBS unveils manufacturing sector lifeline

Royal Bank of Scotland (RBS), 84% owned by UK taxpayers, has today revealed a £1 billion fund which has been put to one side purely and simply to assist the UK manufacturing sector. This is a sector which has been in terminal decline for many years and one which has been pushed to the limit over the last few months.

Manufacturers in the UK will be able to apply for funding from £250,000-£25 million, receiving discounts on interest rates and arrangement fees. Indeed they will also have the option to defer capital and interest payments for up to 3 years, something which could give many UK companies vital breathing space in the short to medium term. It is believed that pressure behind the scenes from the UK government has at last forced Royal Bank of Scotland to address the decline in UK manufacturing sector where many former "quality" companies are struggling purely and simply because of a lack of short-term finance.

It will be interesting to see how much of this £1 billion fund is dished out over the next few months because we have seen so many similar moves only to find out that the funds remain relatively untouched months later. UK manufacturers need financial assistance now or we will see more going to the wall in the short to medium term.

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