Five major UK banks have agreed a £11 billion lending package aimed at SMEs
to support small business growth, the government has announced.
The lending commitment is one of the largest collective moves by the banking
sector in over a decade. The government says this represents an 'historic show
of confidence in the UK economy'.
Senior executives from NatWest, HSBC UK, Barclays, Lloyds and Santander finalised
an agreement with the government on 26 January at a roundtable in
Westminster convened by the Business Secretary and the CEO of UK Export Finance
Tim Reid.
Combined, the banks serve half of all British businesses across all corners of
the country.
Peter Kyle, the UK's Business Secretary, said:
'Strengthening Britain's export potential relies on British businesses having
the means, motive, and opportunity to succeed in new overseas markets.
'The £11 billion these banks are making available will help meet the
ambitions of smaller British businesses to fully export, expand and exploit
these international market opportunities. It is positive proof of UK
lenders' confidence in the growth prospects of British enterprise.'
Internet link: GOV.UK