Response to Chancellor George Osborne’s Autumn Statement

05 December 2012

Commenting on the Chancellor’s Autumn Statement to the House of Commons, Philip George, MD of Shawbrook Bank said:
“The UK’s growth will be driven by the army of SMEs and entrepreneurs who are working incredibly hard to expand, so it’s good to see measures within the Chancellor’s Autumn Statement that should help them.

“However, the banking industry also needs to play its part and better support many thousands of SMEs who are still finding it difficult to get the loans to grow their business. We agree with the Chancellor’s recommendations for a business bank, but for us the detail is still missing. We need to know how Shawbrook and other challenger banks can be involved on a level footing with the high street banks.

“Shawbrook and other challenger banks have a vital role to play in increasing funds to the UK’s small businesses. Since our launch in 2011 we have already lent around £400 million to SMEs and individuals, and we have ambitious plans to increase our lending in 2013 and beyond. We’re free of big-bank bureaucracy and we make fast, common sense lending decisions.

“Let’s hope the Chancellor understands the potential of challenger banks like Shawbrook in getting SMEs growing again.”