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Darling Warns UK Banks on Loan Interest Rates

Interest-Rates / UK Interest Rates Jul 26, 2009 - 11:50 PM GMT

By: Sarah_Jones

Interest-Rates

The Chancellor, Alistair Darling is "Extremely concerned" at the high interest rate being charged to small firms.


The UK base interest rate is at a record low of 0.5% whilst many of the banks have been raising rates in recent months where typically small business can be charged an overdraft rate of between 7% and 20%.

In response Angela Knight, the CEO of the British Bankers Association says that banks had increased lending and that the rates banks had to pay was substantially higher than 0.5%

More detailed coverage of this story -

Darling to press banks on lending

BBC News - ‎2 hours ago‎

The UK's banks have insisted that lending to small firms is continuing to rise, as they are due to meet the chancellor to discuss the issue. ...

Bankers' 'rip-offs' warning

The Sun - ‎4 hours ago‎
BANK chiefs will be read the riot act today for ripping off small firms in the recession. Alistair Darling will summon top bosses ...

Darling's anger as bailed-out banks bump up loan rates

Daily Mail -‎4 hours ago‎
Banks that have received billions from the taxpayer are now ramping up loan rates to maximise profits, Alistair Darling has admitted. ...

UK banks' lending to small businesses up in June

Reuters - ‎5 hours ago‎
LONDON, July 27 (Reuters) - Lending to British small businesses rose by 391 million pounds ($646 million) in June, indicating that banks are providing ...

Darling criticism puts banks on defensive

guardian.co.uk - ‎8 hours ago‎
Britain's banks are squaring up for a new battle tomorrow with the chancellor, Alistair Darling, after rejecting his complaint that struggling small and ...

 

By Sarah Jones
Marketoracle.co.uk

The Market Oracle is a FREE Daily Financial Markets Forecasting & Analysis online publication. We present in-depth analysis from over 100 experienced analysts on a range of views of the probable direction of the financial markets. Thus enabling our readers to arrive at an informed opinion on future market direction. http://www.marketoracle.co.uk

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any trading losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors before engaging in any trading activities.

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