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FPB - Bank profits are galling

Date Added: 05/08/2010  

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Companies taking business debt advice are likely to find the profits achieved by high-street banks highly "galling", according to experts.

Lloyds TSB, which is partly owned by the taxpayer, announced this week that in the six months to June 2010, it made profits of £1.6 billion.

The news came amid concerns that banks are not lending enough to small businesses in the UK.

As a result, Phil McCabe of the Forum of Private Business (FPB) believes those who own small ventures will find this development "particularly galling".

"We know there is more need of finance coming out of a recession because there is always increased demand and you need finance to be able to satisfy that demand," he told the Engineer.

Mr McCabe said that while the demand is there, there is no willingness to lend from the banks.

This comes after the FPB's Matthew Goodman said that both loans and overdrafts have fallen since the beginning of June.

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