SMP’s call for OFT to review small business finance

Scottish MP’s are calling for the Office of Fair Trading to step in and help secure the future of hundreds of Scottish SME’s.

Currently around 75% of Scottish SME’s hold bank accounts with Lloyds Banking Group and the Royal Bank of Scotland and MSP’s fear many SME’s could lose out in the future if the OFT don’t put securities in place. There are worries small businesses could have difficulties accessing finance amid the unstable future of the 2 major banking groups. In addition Holyrood’s Economy Commitee (HEC) expressed apprehension about competition in the sector.

Despite Lord Mandleson asking  OFT last year to keep Scottish business banking under review, the office has not made any reference to investigating the region’s markets. This has angered many SME’s who fear their business could now suffer as a result. The HEC raised the issue with two directors of OFT but it still failed to refer to the work in it’s year programme.

Labour MSP Wendy Alexander states: “It will puzzle small businesses in Scotland that there is absolutely no work of any kind whatsoever under way to look at the competition.”

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