In a bid to better assist small and medium-sized businesses next year, some of the country's major banks have offered to provide £70 billion in funding.
Whilst all lending decisions will remain subject to current commercial decision-making, around £200 billion in funding will be made available to companies of all sizes in 2011.
SMEs will benefit from £70 billion of that pot, according to proposals announced by the heads of HSBC, Barclays, Santander UK, Lloyds Banking Group and the Royal Bank of Scotland.
The chiefs of the 'big five' lenders met with Chancellor George Osborne and Business Secretary Vince Cable at the Treasury to discuss how to improve lending to SMEs next year.
A statement released following the meeting read, “The Chancellor and the Secretary of State for Business, Innovation and Skills today met the leaders of the country’s biggest banks to talk about bank lending – particularly to small and medium sized businesses – and pay discipline, and how the banking industry can best support economic growth and job creation in the UK in 2011 and beyond.
“The banks have put a number of proposals on the table. The Government affirmed its desire to see a strong, responsibly and internationally competitive financial sector. The aim is to build a sustainable, cooperative relationship between the lenders and Government in 2011 in support of the economic recovery,” it added.
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