G20 must help banks lend again
Marketing entrepreneur Simon Lawrence hopes the G20 summit will yield an agreement to stimulate or compel the banks to start lending money again, as G20 demonstrations bring the City to a standstill.
Lawrence is the CEO of £4m-turnover Information Arts. The B2B marketing company was set up in 2000 and currently employs nearly 40 people. Lawrence says: “There are many, many small businesses out there that are making profit but struggling with cash flow issues and getting absolutely no support from the banks; banks that were encouraging them to borrow this time last year.
“The banks are now walking away and washing their hands of small businesses, despite the billions of pounds worth of public money provided to shore them up after their own catastrophic decisions. Without support many small businesses will go to the wall.”
A dinner will be held tonight for the G20 heads of state in London ahead of tomorrow’s summit
Real Business is following the G20 on Twitter with Aljazeera English.Picture source