Creating new banks will not help more businesses gain access to funding, the British Chambers of Commerce (BCC) has said.
The BCC’s comments on the issue came after Ed Miliband had stated the need for more competition in the banking sector with the creation of two new banks.
The BCC’s director of policy, Adam Marshall, claimed that the industry as a whole need to change, “Switching between banks can be an administrative nightmare for many companies”.
And although he acknowledged creating new banks may create extra competition and choice for businesses, Mr Marshall didn’t feel it would help solve the funding problem faced by a large number of new and growing firms looking for appropriate finance solutions.
Invoice finance – the new business finance solution
Skipton Business Finance is able to offer UK enterprise a funding solution to traditional rigid bank credit.
Invoice finance facilities, such as factoring and invoice discounting, are accessible to many start-ups and growing firms in need of flexible funding solutions.
Why not browse our website for more information on how taking out an invoice finance facility may just be the best business decision you ever take.