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Stephen Williams: Banks respond to pressure from Cable

August 12, 2011 2:34 PM
Originally published by UK Liberal Democrats

"Thanks to the Liberal Democrats the Government set the banks some extremely ambitious and challenging lending targets. It's clear from today's figures that banks have responded to pressure from Lib Dem Business Secretary Vince Cable to meet these targets.

"Labour left the UK with an overweight, unresponsive banking system which did not provide sufficient support for SMEs. Today's figures are encouraging, but it is still early days and we must not get complacent.

"Lending targets alone are not a silver bullet. Other key steps include reform of the banking system through the Vickers Commission, 250,000 additional apprenticeships and the Regional Growth Fund and enterprise zones.

"Together these will make our financial system more robust and provide essential support for small businesses."