Jonathan Reynolds MP, Labour’s Shadow Economic Secretary to the Treasury, commenting on the Government’s response to the Treasury Committee report on SME Finance, said:

“The Government identifies a lack of trust in lenders among SMEs as a key contributor in their reluctance to seek external finance, yet avoids committing to the urgent action needed to bring back trust to business banking.

“Too many businesses have been waiting too long for justice after being mistreated by their banks. We need a tribunal-based dispute resolution mechanism, as the Treasury Committee has recommended, to show SMEs they have a fair, affordable channel for proper redress in future.”