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Maybe now we will be able to see some signs of help to small businesses!
I thought you had news about the follow-up to the TV program "Merlin" which I believe is on the cards... I'm looking forward to that, I believe our old friend who mutters the famous phrase "I don't believe it" becomes a Knight of the Round Table. Anyone know anything yet?
Seeing is believing?.
When Alistair Darling told the world about the bankers demands on the eve of the crisis, and he told them that they had nothing to demand with, because basically they were bankrupt. Then the rule book should have been changed there and then, regarding how banks acted and future remunerations.
It wasn't, and Project Merlin will be another expensive page in history.
Banks do not lend to near insolvent companies, business's or those with a slight cash-flow problem. They never have and never will support the 'little person'.
I'm sorry Uboat, I've no wish to be rude but I think you're being very naive.
I see this a little political cosying up which will have little practical effect.
Anyone who believes that this is any kind of a triumph of the shrewd,thrusting government over the big bad banks had better think again - I imagine there are quite a few bank bosses smirking over their Thursday night Bolly.
The banks have agreed to lend more to small businesses, that much is true, but in order to lend more they have to have small businesses asking for loans, and from where I sit that isn't going to be the case. Why? because the banks' lending decisions will be taken on commercial grounds, and the cost of borrowing will still be too high - small businesses can't afford to borrow all this new money.
Instead of leaping around excitedly we should be asking the government what happened to all the vrave talk about the 'robust action' it would take against banks which paid out large bonuses.
We might also ask what will happen to the banks if they don't lend all this money - what penalties will attach to a failure to meet these lending targets? The answer of course is that nothing will happen - the agreement is a sham, a sop to appease the anger of the public.
The treasury civil servants who did this tough negotiating should be ashamed of themselves - I could have negotiated a better deal for the taxpayers and small business owners myself.
It's the new brave talk. I blame the parents.
..the house has just been "buzzed" by a squadron of Wessex Saddlebacks
'robust action' will never happen, who do you think really runs the country? The banks, they dictate the growth in the country, not the government.
If the banks are threatened in anyway then they counter the threat with 'we will move our operations to another country' that usually gets the government back-peddling PDQ.
I have friends who run a very successful small business,so much so that their order book is full and are having to turn away orders. But trying to get a loan for a modest expansion to meet their demands is proving nigh on impossible.
The obstacles,exorbitant bank charges ,the high cost of the loan, makes getting a loan from the banks a daunting prospect, so much so that they have postponed any expansion until such times as the banks makes the process a little less costly and expensive.
One might get the impression from the various TV adverts that the banks cannot do enough for their customers, I for one am not convinced by them at all.
The banks will continue you do what they want and our gutless governments of all hues will let them.
Cleverer and more knowledgeable people have said that we should have let at least one of the banks crash and maybe the rest would have perhaps change the way way they do business and treat their customers.
I have had personal experience of how a bank treated my partner when she got into difficulties, between 5 and 10 phone calls a day from them even though by this time an outside agency had become involved. Even after they were informed of this in writing the calls continued for weeks. It took the threat of legal action to get this harassment to cease.
The banks have been allowed to become far to big and with that came immense power which they have abused to the benefit of the few and the expense of the many.
I for one will not trust a bank again and have taken a leaf out of their own book,if they make a mistake I make them pay, any letter I have to write,any phone call I have to make, any bus trip to the branch I need to make to sort out the mistake, I charge them for,using their own charges as a guide. I have been very successful so far that I find that less errors are made.
It is time we stopped being angry with the banks and start fighting back. We must stop accepting the usual excuses for poor service, if they make mistakes they should pay as they expect you to pay if the mistake is yours.
Project Merlin is well-named - a flight of fancy dreamed up and designed to fool all of the people all of the time by a 8th rate Chancellor.As with all his flights of fancy, its just a piece of unrealistic political posturing claptrap for which clever bankers and even cleverer accountants and solicitors will eventually find a way round.
Makes me wonder these days whose in whose pockets.I essentially agree with gengiscants overview of it all especially having just dumped Santander after their four incompetent months.
Big L 266
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