Top bankers to address lending concerns

| August 9, 2010 | 0 Comments

The bosses of Britain’s top six banks are to establish a taskforce to address the shortage of lending to businesses.

In a letter to Chancellor George Osborne, British Bankers’ Association (BBA) chairman, Stephen Green, said there was a “need to make sure that viable businesses are able to obtain the finance they need to support the recovery of the UK economy”.

Mr Green, who is also chairman of HSBC, said the taskforce is designed to help get lending to businesses back on track.

The group, which will also include members from the Treasury, BIS and the Bank of England, will present their response to Mr Osborne in October.

In an interview with The Sunday Telegraph last week, Mr Osborne said banks have an “economic obligation” to lend.

The announcement of the taskforce comes just a few days after British banks unveiled their first-half profits with all reporting they had returned to profitability.

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