Ian Swales, the MP who moved the motion, says:
“We need financial institutions which have the local knowledge they need to invest earnings locally. They know the local market, they know the people and the risks.
“It’s one of the greatest factors still holding the UK economy back compared to our continental competitors.Britain is still over-centralised, and it isn’t just about political decisions it’s about economic ones too.
“On tax, on regeneration and on banking – we’re still operating in an unimaginative straitjacket of centralisation. This motion forges a path towards doing something about it.”
Vince Cable MP, Secretary of State for Business, added:
“Increasing the range of bank lending options will be a real help to small business. It is vital to our economy that we provide all the assistance we can to small enterprises and start-ups. Encouraging new “challengers” to the established big banks helps grow our economy by supporting new businesses across the nation.”
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