FSB chief quizzes David Cameron on bank lending

Gary Lovatt, Federation of Small Business (FSB) Regional Chairman for Lancashire & Cumbria
Gary Lovatt, Federation of Small Business (FSB) Regional Chairman for Lancashire & Cumbria
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Gary Lovatt, Lancashire chairman of the FSB, this week questioned David Cameron on what more could be done to improve bank lending rates to small businesses.

Mr Lovatt was speaking at the inaugural FSB Policy Conference held in Westminster.

At a packed venue in central London, Mr Cameron delivered a keynote address on a range of business issues, including the need to continue to cut regulation to encourage small business growth.

Mr Cameron then took questions from the assembled audience.

Mr Lovatt said: “This was a great opportunity for the FSB to really put down a marker for what small businesses need to lead economic growth in the UK.

“My question focused on accessing finance and bank mis-selling of so-called Interest Rate Swaps, which we know companies in Lancashire have been subject to.

“Mr Cameron acknowledged that the banks needed to do more in both areas and confirmed the issue was very much on his radar.”

Other notable attendees at the conference included Chancellor of the Exchequer George Osborne, Shadow Business Minister Chuka Umunna, and Minister for Skills and Enterprise Matthew Hancock.

Mr Cameron unveiled a package of measures designed to remove red tape that many feel is stifling businesses.

More than 3,000 rules will be dropped or changed, saving more than £850m a year, he told the FSB. They include 640 pages of cattle movement guidance, 286 pages of hedgerow regulations and 380 pages of waste management rules.

Mr Cameron said he wanted to “get out of the way of small business success”.

The FSB is the leading business organisation with more than 200,000 members.

It exists to protect and promote the interests of the self-employed.

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