Banks shunning small firms - papers

Six out of 10 firms were turned down for bank loans last year, according to a survey by the Institute of Directors (IoD), the Daily Mail reports. The cut off of credit is despite assurances by Gordon Brown and Chancellor Alistair Darling banks would be forced to start lending again following a £850bn Government stimulus package. IoD director general Miles Templeman says: 'The fact more than half of all businesses seeking finance last year were turned away by their banks is totally incompatible with the banking sector's position on the state of lending in the UK. 'What is even more ...