Midlands SMEs trust banks more than MPs, says survey
More than 70 per cent of small and medium sized businesses in the Midlands “don’t trust their local MPs”. That’s according to a new report by Close Invoice Finance, which revealed that just 33 per cent of businesses did not trust their banks.
Fifty-three per cent of the region’s small and medium sized companies said that they “firmly believe” that government support for small businesses in the Midlands isn’t good enough.
The figures are drawn from the quarterly UK Business Barometer, a survey of almost 600 small to medium sized businesses across the UK.
Ian Steward, managing director of Close Invoice Finance in the Midlands, said: “Over a fifth of respondents in the Midlands cited their main business concerns as bad debt, late payments and cash flow.
"So at a time when accessing finance is extremely difficult, it’s hardly surprising that almost 20 per cent of these businesses want the government to fine the banks for not lending – and even less surprising that more than 20 per cent want them to set and enforce a minimum lending target.
“The findings of this survey indicate that businesses don’t quite know where to turn for financial support and are somewhat disillusioned with policies set out by the government to help them – such as increased pressure on the banks to lend and the Prompt Payment Code.”
