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Richmond upon Thames Liberal Democrats:Covering the constituencies of Twickenham and Richmond Park |
Kramer quizzes Sassoon on banking
December 19, 2011 4:14 PM
• [Dec 15] Baroness Kramer (Liberal Democrat): MY Lords, I am sure that the Minister will agree that access to bank credit for smaller microbusinesses will be essential for economic growth and elimination of the deficit. Will the Government therefore take a look at the extraordinary barriers to entry of new potential banks into exactly this field, the FSA having now having become so utterly risk-averse that it has lost any sense of balance?
Lord Sassoon (Commercial Secretary, HM Treasury; Conservative): My Lords, it is very important that credit flows to SMEs, which is why we announced a package of £21 billion at the Autumn Statement, and it could go higher if the demand is there. I take my noble friend's point about the importance of diversity and new entrants into our banking system. That is something that both the FSA and the Government keep under review.
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