Bank commits to extra finance for firms

Posted on 23 Apr 2009 by The Manufacturer

Barclays Bank has today declared it will lend UK businesses an extra £5.5bn this year.

The bank has also committed to extending its lending to individuals by the same amount, making £11bn extra in total.

The extra lending constitutes a six per cent rise on the 2008 total which itself was a 12 per cent rise on the previous year.

Speaking at Barclays Annual General Meeting today, Barclays Group chief executive John Varley said: “At a time when customers are seeking to cope with the economic downturn, and governments and supervisors are dealing with the effects of the financial crisis, we want to do our part in getting credit to customers.

“Activity by households and businesses will help restore sustainable growth to the UK economy. This is a good time to lend, in circumstances where the commercial and risk terms make sense to our customers and our shareholders.”