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Talks regarding lending to company debt advice customers stall

Date Added: 26/01/2011  

Talks being held in order to persuade the banks to once more lend money to smaller firms including those in need of company debt advice have hit a hitch.

This is according to a report by the London Evening Standard, which stated that negotiations, which are known as Project Merlin, are currently on ice.

It quoted a Liberal Democrat source as saying the talks have failed because the banks are not making the concessions asked of them by the coalition government.

"The government is determined to get this right. Until the government is happy collectively, an announcement will not be ready," commented the anonymous insider.

Cavendish Asset Management fund manager Paul Mumford stated that too much regulation of the banking sector may not help firms taking company debt advice to access lending from banks.

Earlier this week, Ian McCafferty, chief economic adviser at the Confederation of British Industry, suggested organisations in the manufacturing sector may need company debt advice.

Posted by Miles Pritchard 

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