Gary Lovatt, FSB Regional Chairman for Lancashire, this week questioned David Cameron on what more could be done to improve bank lending rates to small businesses at the inaugural FSB Policy Conference held in Westminster.
At a packed venue in Central London, Mr Cameron delivered a keynote address on a range of business issues, including the need to continue to cut regulation to encourage small business growth.
Mr Cameron then took questions from the assembled audience.
“This was a great opportunity for the FSB to really put down a marker for what small businesses need to lead economic growth in the UK,” said Mr Lovatt.
“My question focused on accessing finance and bank mis-selling of so-called Interest Rate Swaps, which we know companies in Lancashire have been subject to.”
He added: “Mr Cameron acknowledged that the banks needed to do more in both areas and confirmed that the issue was very much on his radar.”
Other notable attendees at the conference included Chancellor of the Exchequer George Osborne, Shadow Business Minister Chuka Umunna, Minister for Skills and Enterprise Matthew Hancock and former Small Business Advisor to Barack Obama, Karen Mills.
Mr Lovatt added: “The Interest Rate Swaps were complex financial loans which should never have been sold to small businesses who trusted their lenders to advise them fairly on what would be best for their business, not best for the lender themselves.”
On red tape, a key factor of the FSB Conference, he said: “Mr Cameron’s pledge to reduce bureaucracy continues to be well received by businesses in Lancashire and lays a solid platform for economic growth for small businesses locally.”