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Bank of Scotland small business decision 'is shocking'

Date Added: 06/08/2010  

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Small businesses looking for company debt advice in Manchester could be affected by a decision from the Bank of Scotland regarding interest rates.

It has decided that it will no longer pay interest on current accounts held by small businesses, reports the Herald.

The decision has already provoked an angry response from the Federation of Small Businesses (FSB), which stated that it has been working hard to attempt to prevent this from happening.

Colin Borland, from the FSB in Scotland, said: "The governor of the Bank of England last week condemned this sort of automated change in terms and conditions."

Andy Kerr, Scottish Labour's finance spokesman, described the bank's decision as "shocking" and "unacceptable".

Earlier today (August 6th 2010), the Royal Bank of Scotland announced £1.1 billion of profits for the first half of the year.

Lloyds Banking Group - which the Bank of Scotland is part of - announced £1.6 billion of profits earlier this week. 

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