Osborne would rather sit on his hands than make sure small businesses are protected from sharp practices by Britain’s banks - Malhotra

[labourpress]

Seema Malhotra MP, Labour’s Shadow Chief Secretary to Treasury, commenting on the Government’s response to the Treasury Select Committee’s report on conduct and competition in SME lending, said:

“Despite the massive mis-selling of interest rate hedge products to small businesses, the Treasury is refusing to follow up on the Select Committee’s clear recommendations. George Osborne would rather sit on his hands than make sure small businesses are protected from sharp practices by Britain’s banks.

"With lending to small businesses having collapsed on the Chancellor’s watch, it’s clear the current regulatory regime is not fit for purpose. By failing to carry out even minor reforms, the government is showing it’s not on the side of Britain’s small businesses. 

"Small businesses need a government that ensures a fair deal for Britain’s vital small businesses, rather than protecting the interests of Britain’s banks.”

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