Vince Cable

Bank of England figures released today showed that lending to 'non financial corporations' tumbled by a record £14.7bn between April and June, the biggest slump since it's data began in 1997.

Commenting Liberal Democrat Shadow Chancellor, Vince Cable said:

"This is clear evidence that many businesses are being starved of credit and are struggling as a result.

"People will rightly be angry that, while some banks are reporting bumper profits, many businesses continue to suffer as they cannot access affordable loans.

"With several banks owing their very survival to taxpayer money, they must set a lending policy in line with the public interest.

"It is a scandal for banks to send good businesses to the wall by withdrawing credit or by creaming off extra profit by keeping the interest rate high."