According to the BBC?s business website, the British Chambers of Commerce believe that business? trust in banks and other financial institutions is failing.
While banks and building societies remain the major source of financing business, half of the businesses questioned in a recent BCC survey claimed to mistrust banks and building societies, while a further 38% observed they trusted them less now than they did a year ago.
Business optimism is however showing a recovery according to reports from accountants BDO.
While many firms continue to express confidence in their ability to secure external finance, over a third claim this is no longer the case.
So would a government-backed business bank increase confidence in businesses seeking to access finance?
It is indeed the case that financial institutions have work to do in order to rebuild trust and repair any damaged relationships with businesses.
John Longworth, the BBC?s Director General believes that improving transparency holds the key and that regulators need to look to increase competition in the banking sector, to ensure that businesses have more choice.
Above all, the government needs to ensure that its plans to create a British Business Bank mean that more funds will become available to growing businesses.
Source: http://www.businessnetworkinglink.com/2012/10/do-you-lack-trust-in-banks/
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