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Should UK consumers be able to appeal against loan rejections?

Lord Mandelson's plans to allow UK businesses to formally appeal against loan rejections from UK banks has opened a potential can of worms for the UK authorities. If UK businesses are able to appeal against loan rejections, and potentially see these initial decisions reversed, should UK consumers be given the same rights of appeal regarding loan rejections?

It is obvious that the UK government is looking to bring small business, medium business and large business players back onside as we approach the election although by potentially setting up a statutory right to appeal against loan rejections is this going to cause more problems than it will solve?

It is no secret that UK banks have tightened their lending criteria over the last six months, much of this at the insistence of the UK government, and despite many consumers having impeccable credit records it is still difficult to obtain loans of a significant size in the UK. The first question has to be, is it right to force a UK bank to reverse a decision? The second question is, if UK businesses have a right of appeal then should UK consumers also have similar rights?

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