Small firms seek banking reform

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Small business leaders are calling on the Prime Minister not to water down proposals on banking reform.

The call from Federation of Small Businesses national chairman, John Walker, has been backed by FSB regional chairman and Sheffield businessman, Gordon Millward, who accused the Government of planning to water down proposals from the Independent Commission on Banking before they have even been submitted.

“Having commissioned a report into the banking sector, it is very disappointing that the Government is now looking to water down the findings before the ICB has even reported,” said Mr Millward.

“We were promised radical reform, but it now appears that this has been downgraded to ‘light touch’ regulation after 2015, if we are lucky. This is simply not good enough.

“Small businesses have had a tough time at the hands of the banking sector. The Government courted businesses with promises of reform and it is time that they stood by those promises. Without urgent and radical reform the banking system will never change and those businesses needed to help pull the recovery onto firmer ground will be left to struggle.”