Following the banking crisis and recession, the big five banks in the UK made a commitment to the government to offer more loans, particularly to small and medium sized businesses, in an attempt to help get the economy back on track. But yesterday, the Business Secretary, Vince Cable, criticised the banks and called for a significant increase in the number of small business loans they are offering, as new loan figures were well below the target amounts for the first three months of this year. Over the course of the first three months of the year, the top five banks in the UK (Barclays, Royal Bank of Scotland, Lloyds TSB, HSBC and Santander) offered a total of £16.8 billion worth of business loans to small and medium sized companies, however this figure is below the target for new loans, which was agreed with the government.
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Banks Miss Loan Targets
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