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Small business banking not good enough, says FSB
THE FEDERATION of Small Businesses has released the findings of its recent review of small business banking. The report, which surveyed over four thousand small firms, looked at progress made since the Cruickshank Review of 2000 and the recommendations of the Competition Commission Inquiry of 2002 following a referral of the banks to the Commission by the Office of Fair Trading.
The report’s findings follow on from the recent announcement of record profits by the major banks and allegations of poor customer service for personal account users.
Small businesses employ 58% of the private sector workforce, contributing 50% of UK GDP, and their success is a vital part of the economic well-being of the country. It is in the interests of the whole of the UK to ensure that they can succeed and they need affordable, reliable banking services to do so.
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