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CBI responds to Project Merlin outcomes

The CBI yesterday responded to the Government's announcement on the outcomes of Project Merlin.

Matthew Fell, Director for Competitive Markets, said:

“It’s encouraging news that banks have met their overall Project Merlin lending targets, helping to foster business growth and job creation.

“However, lending conditions remain tight for smaller businesses, as demonstrated by the slight shortfall in the SME Merlin lending figures.

“This shortfall strengthens the need for banks to continue to work closely with their customers, especially smaller and medium-sized companies, to help address business needs and to give them more confidence to approach their bank.

“There is no doubt that regulatory changes and higher wholesale funding costs have in part constrained banks’ ability to lend, so we need to look at a wider range of funding models that will help better match supply and demand. That is why it’s so important that the Government implements the proposed credit easing scheme as soon as possible.”

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