"In a tough economic context and within even tougher fiscal constraints, it is impressive how flexible the Chancellor has been and I think the announcements under the umbrella of credit easing have considerable merit. It is an ambitious package and, as the Chancellor noted, they are still finalising some of the details but we will be continuing discussions with the Treasury as to whether and how the invoice finance industry can support these initiatives. It is, however, important to emphasise that there are a range of sources of finance for business out there beyond 'conventional' bank lending.
"It's notable that the Chancellor also announced that it would
publish his response to the Independent Banking Commission next month.
To date this hasn't had the attention that it should have and will be
significant in determining the shape and structure of the financial
services sector in this country in future; we will all be looking forward
to this with interest.