MP Michael Moore has challenged the Government to ensure that the funding they are making available to the banks actually reaches the businesses that need it.

Speaking in the House of Commons this afternoon, Mr Moore questioned the Economic and Business Minister, Ian Pearson, about the help the Government are offering. He said: “In recent weeks, hundreds of people in my constituency have lost their jobs. And others, who work for perfectly good companies, fear the same fate because of the attitudes and approaches of the banks, which are throttling the businesses.Michael Moore MP

“Since, in many instances, trust has broken down between the banks and the businesses, can the Minister give us an assurance that he will do more than ‘carefully monitor’ the situation, and actively manage things so that businesses get the cash that they need?”

Today, the Government announced that they will guarantee up to £20 billion of bank loans to small and medium-sized companies with turnovers of up to £500 million under a new Working Capital Guarantee Scheme.