A member of the UK200Group comments on news that lending to SMEs increased in May
A member of the UK200Group of independent accountancy and law firms has commented on news that according to the Bank of England (BoE), lending to SMEs increased in May after a £304m fall in April. BoE states that banks increased lending to SMEs by £106m net of repayments in May; the fourth monthly increase this year.
Duncan Montgomery, tax partner, UK200Group member firm Whittingham Riddell LLP, said: “The net lending figures from UK banks are good news. In the face of challengers they are still lending and in some cases rising to the challenge. Appetite is there to lend against corporate deals and while many deals were put on ice in April pending the election, that uncertainty has gone and the UK can power forward underwritten by sensible competitive lending.”