Autumn Statement reaction from David Postings, UK Chief Executive at Bibby Financial Services
Reacting to George Osborne’s Autumn Statement announcement today, David Postings, Chief Executive of the UK’s leading invoice finance provider Bibby Financial Services, says:
“While there may be no “miracle cure” being announced by the Chancellor today, better access to finance options for small businesses would certainly be a welcome shot in the arm for the economy.
“With bank lending to businesses predicted to hit its lowest level since 2006 this year, we had hoped the Chancellor would take this opportunity to promote the wider use of alternative business funding options. Instead he has placed the funding pot in the control of the state-backed bank and local business organisations.
“Small and medium-sized enterprises (SMEs) account for 99 per cent of all the businesses in the UK and the success of the economy as a whole depends heavily on the success of those firms. Increasing the options for funding for those SMEs has to be a priority in order to help them grow their business.
“In areas such as construction we have seen our clients enjoy significant levels of growth this year in an industry which has suffered badly. New guarantees for major infrastructure projects will go some way to shoring up the sector, but construction firms will still require a more innovative approach to funding, which is where we have been able to help our clients prosper.
“But for all businesses, access to funding and awareness of all the available options remains key in order to achieve the success the UK’s SME community is working for.”
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