Bank Taskforce to Help Lending to Company Formation Sector

When the Coalition Government first came into power, David Cameron hinted at the possibility that they would appoint a Minister, tasked with the job of improving the current lending situation in this country and also devising what was called a ‘Lending Commission’ to act as a intermediary between companies and banks.

While this has yet to happen, the government has been addressing the lending issue and the impact it is having on small businesses and company formation.

Not only has business secretary Vince Cable and Chancellor George Osborne, devised a white paper giving people who are considering starting a business a number of alternative finance options, on the back of Mervyn King’s – head of the Bank of England – statement that by restricting small business’s access to finance, the government was jeopardising our financial recovery, the government has now formed a committee of six of the UK’s banking bosses to look into the issue further.

The taskforce is made up of a number of banking officials all of whom have been given the objective of ensuring commercially viable companies have access to finance.