Concerned about the ongoing situation, a government-backed taskforce has recently issued warnings to the concerned authorities of a £190bn funding gap, which they fear could be faced by businesses in the coming five years if professionals do nothing to alternate present lending forms.
Present situation is seeing most of the small businesses struggling for borrowing even a little money as banks rein in loans, and following similar bitter facts the committee of Legal & General boss, Mr. Tim Breedon, has recently issued warnings saying that the situation can worsen and the problems will get more intensify if the demand for credit increases at similar rate.
The recently issued report on the matter has clearly stated about the critical position that the economy is presently falling in with predictions suggesting demand for credit surpassing the supply rate between £84bn and £191bn in five years from now.
Statements regarding the situation came from Mr. Breedon, who said: “There is compelling evidence that access to finance is expected to become more acute as business confidence and growth returns”.
According to reports, few recommendations have been suggested by the concerned authorities, which Mr. Breedon cleared could open up some more number of alternative financing channels for UK SMEs, i. e. small and medium enterprises.
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