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Banks pledge more loans for 2011

Dec 22 2010

The 'big five' banks say £70 billion will be lent to small businesses in 2011

Britain’s big five banks have pledged to lend around £70 billion to small businesses next year, up from an estimated £60 billion in 2010.

Chancellor George Osborne and secretary of state for business, innovation and skills Vince Cable met the leaders of the country’s largest banks to discuss how the banking industry can best support economic growth and job creation in the UK in 2011 and beyond.

The subject of loans to small businesses was a key topic in the one-and-a-half-hour meeting.

A spokesperson for the Department for Business, Innovation & Skills said, ‘These proposals will be the subject of further discussions over the Christmas period, with the aim of building a sustainable, cooperative relationship between the lenders and government in 2011 in support of the economic recovery.’

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