UK businesses lack trust in banks, report shows

8 October 2012

Banks in the UK need to focus on improving their professional relationship with the country's business sector, a new report has stated.

The British Chambers of Commerce (BCC) has today (8 October) published research showing that faith in financiers among companies is on the wane, with 38 per cent of firms indicating they trust lenders less than at the corresponding period last year.

This study - which involved questioning 1,560 business leaders - found that half of all organizations lack trust in banks and building societies, with 37 per cent indicating they are not confident that an application for finance would be successful.

However, 59 per cent believe a government-backed business bank - which is planned to be established in the coming 18 months - would help them access funding.

Nevertheless, John Longworth, director-general of the BCC, said it is vital for bansk to "rebuild trust and repair damaged relationships with businesses and improve transparency".

By Tony Aynsley

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