Siobhan Mail, Director at Newport-based Seer Green Financial Planning, said: “Even if the money was free it won’t make any difference if the Banks don’t lend it out to the sectors of the market which are key to the UK’s chances of getting the economy moving again.

“The fact is official figures show lending to non-financial firms has been falling – despite public money and indeed public ownership being used to bail out the banks with the intention, if not the condition, that portions of the finance were to be lent onwards as opposed to being used just to re-construct Bank balance sheets, as would appears to have happened.

“Unless the Bank of England puts some rules in place to force the money to be lent on to those it is intended for then it could well mean the initiative ends up a failure.”

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