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Small firms pay price of bank boom: As bankers celebrate more profits, more companies die from lack of loans

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Simon Duke
UK Daily Mail
Aug 7, 2010

Small businesses are paying the price for the banks’ dramatic return to bumper profits.

The number of firms forced into bankruptcy was revealed yesterday to have risen to 45 a day – at the end of a week in which the four major high street banks reported they were back in profit to the tune of £15billion.

Last night politicians and finance experts told bankers it was time to start lending again rather than pouring ever more cash into their bonus pots.

Bailed-out Royal Bank of Scotland announced yesterday that it has roared back into life with profits of £1.1billion for the first half of the year. But at the same time, alarming new figures from the Insolvency Service showed that the number of companies put into administration actually rose by 0.5pc between April and June.

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This article was posted: Saturday, August 7, 2010 at 3:21 am

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