Starting a new business? Get 40% off our accountancy services for 3 months! 😀

x

The Governor of the Bank of England, Mervyn King has called for the banks to be given incentives, to encourage lending to Small and Medium Enterprise in the UK. Speaking at a dinner being held for the North West Institute of Directors, King said he believed that the next months would see the level of inflation fall as the effect of the increase in VAT, huge energy price increases and rising import expenses ease.

According to King, the injection of £75 billion by the banks into the economy would increase demand overall, benefiting all businesses. However, he did express concern when acknowledging that small businesses were reliant on the banks for finance. He said:

“And there is special concern about their ability to obtain credit- I share that concern based on my experience from meeting many such firms during visits to all parts of the United Kingdom and hearing reports from the Bank’s regional agents.”

King has said that he considers incentives for banks to be the best way to encourage existing financial institutions to increase lending to SMEs. The year 2011 has been described as “the year of reluctant recovery” by the Bank’s Governor, with growth of the economy disappointing in the UK and overseas. He went on to acknowledge the drop in confidence for businesses and consumers, but adds that the governments must act together to resolve the global problems, just as they did in 2009. Officials from the Bank of England visited businesses across the North West region of the UK.

guest
0 Comments
Inline Feedbacks
View all comments

Read more posts...

Umbrella Companies for Self-Employed Contractors

When you set up in business as a contractor you might either work as a sole trader or as a limited company….

Read More

Get Ready for Small Business Saturday UK 2022

Small Business Saturday started in the US in 2010, on the first Saturday following Thanksgiving. It aims to encourage shoppers to consider…

Read More

Architects and Tax

Architecture is a highly diverse sector when it comes to tax. It’s partly down to the type of businesses that carry out…

Read More
Back to Blog...

Confirm Transactions

The number of monthly transactions you have entered based on your turnover seem high. A transaction is one bookkeeping entry such as a sale, purchase, payment or receipt. Are you sure this is correct?

Yes, submit my quote
No, let me change it

Please contact our sales team if you’re unsure

VAT Returns

It is unlikely you will need this service, unless you are voluntarily registered for VAT.

Are you sure this is correct?

Yes, the business is VAT registered
No, let me change it

Call us on 020 3355 4047 if you’re not sure.

Bookkeeping

You only need this service if you want us to complete the bookkeeping on your behalf.

Would you prefer to complete your own bookkeeping?

Yes
No

Call us on 020 3355 4047 if you’re not sure.