Partner Article

Competition in banking vital for business growth

Mark Sismey-Durrant, Chief Executive Officer at Hampshire Trust Bank, responds to the Bank of England Agents’ Summary of Business Conditions:

“Today’s figures are good news for business and a strong indication that the UK economy will prosper, despite the recent slowdown in growth. Thanks to increased competition in the banking industry, businesses have access to credit and more opportunity to secure capital for growth. This is absolutely vital, as reports indicate consumer spending is expected to slow down in the next three years*, meaning there is a much greater need for a business-led economic recovery. The rise of challenger banks has been key to encouraging better competition in the banking sector and as a result businesses have more options and flexibility for accessing funding. As a challenger bank, we do not operate on a ‘tick-box’ system and have an agile approach to lending, the restrictive lending criteria of the bigger banks creates many opportunities to fill the funding gap.”

This was posted in Bdaily's Members' News section by Hampshire Trust Bank .