120,000 firms face having to get lending help on the phone

  • Critics accuse taxpayer-backed bank of turning its back on small businesses
  • Lloyds claims that small firms have 'less complex needs' to be dealt with


Lloyds Bank was accused of betraying small firms last night after sacking hundreds of business advisers – and leaving employers to get lending advice by phone. The taxpayer-backed bank will axe half of its travelling small business relationship managers, hitting up to 120,000 firms in every part of the country. From May, minnow companies and start-up firms will be left relying on phone banking or the internet to get in touch with the lender.


Lloyds is already one of the worst culprits for choking off lending to small firms, despite taking part in a Government scheme designed to boost loans. Since June 2012 its cumulative net lending – the difference between the total amount of money handed out minus the total amount paid back by its customers – is minus £2.2billion, according to the Bank of England. Critics said the latest move was further evidence that the lender had turned its back on the country’s smallest enterprises.....Read more here


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