Across the Pond Banks are “Stabbing Small Business” in the Back!
March 7, 2013
Bob Coleman
Editor, Coleman Report
As a follow up to yesterday’s question if the U.S. federal government is doing enough to making sure Main Street has access to capital, the answer in the U.K. is a resounding no.
First, we read the U.K. GDP shrank 0.3% at the end of 2012, now we read small business lending continues to decline overseas.
With appropriate English subtlety, the Daily Mirror shrieks banks are “stabbing businesses in the back” and you even have a great quote by a peer lending co-founder that “contrary to the fairytales told by bankers, there is no lack of demand!”
The Royal Bank of Scotland gamely fought back with the quote, “we are punching above our weight!”
So, to answer the question if there is a direct correlation between Main Street access to capital and economic growth, in the U.K. the answer is sadly yes.
Bob Coleman
Editor
Coleman Report
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