Businesses Relatively Happy With Bank Support

Fri, 10 Dec 2010

Almost half of businesses in the UK are satisfied with the service they are receiving from their banks, new research suggests.

A survey carried out by BDRC Continental, Britain’s largest independent market research consultancy, found that over 40 per cent of UK companies believe they were broadly supported by their banks in the third quarter of the year.

Only 17 per cent of the 500 interviews business owners and finance directors polled said they "strongly" disagreed that banks had been supportive.

The survey also revealed that although firms in the North often trail the Midlands and the South in terms of the proportion of those showing signs of distress, their trading performance is more likely to be affected by suppliers insisting on payment in advance.

Commenting on the findings, Andrew Walker, chairman of business recovery firm R3 and a partner at law firm Irwin Mitchell, said: "It is interesting that, despite the negative tone of much of the public debate around bank behaviour, just one in six businesses actually agree with this stance."

"This may suggest the presence of a vocal minority within the business community. I have seen a significant difference in the approach of the banks compared to their behaviour during the 1990s."

"In the last downturn, banks swiftly removed facilities; this time around they are working with businesses – granting holidays on loan payments and extending business loan periods."
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