The Director General of the British Chambers of Commerce (BCC), John Longworth, has warned that the UK’s current commercial finance system is hampering development.
Speaking in front of delegates at the BCC’s Annual Conference in Westminster, Longworth noted in his ‘A Business Plan for Britain’ address that:
“Our inadequate system of business finance stands in the way of a truly great economy. It is the key area we must address if we are to transform our economic ambition into reality.”
Mr Longworth went on to explain that many successful companies in the UK are being forced to sell out, often to multinationals, because they cannot reliably access the finance that they need to grow.
The Director General added that to move from being a fast growing small businesses to a mid-sized firm, companies often need access to long-term loan capital. However, he stated that this has always been difficult to achieve in Britain, but the recession has made the issue much worse.
The speech also covered the need for European reform, as well as for British firms to be politically active and work in partnership with the Government. However, the issue of access to business finance was the central theme of the speech.
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