FOR IMMEDIATE RELEASE
FSB deeply concerned about RBS and Natwest warning on new charges
Responding to the news that Royal Bank of Scotland (RBS) and Natwest are considering charging business customers to deposit money, Mike Cherry, National Chairman at the Federation of Small Businesses (FSB), said:
“Today’s warning from Natwest and RBS will be deeply concerning to small firms. FSB’s latest research shows small business confidence is already at a four year low. Firms are less optimistic, cutting headcount and curbing investment intentions.
“When the Monetary Policy Committee meets next week to decide on interest rates, we would call on them to do everything possible to consider the implications of changing interest rates for smaller firms and the self-employed looking to maintain or grow their business.
“It is now vital that all finance providers holding deposits from small businesses do everything they can to update customers concerned about any changes to their Business Current Account (BCA) during this uncertain economic period.
“We would also encourage small firms themselves to take action and consider whether it’s worth switching to a more competitive BCA. One resource to consider is the Business Banking Insight website, which compares BCAs offered on behalf of every bank operating in the UK, to see whether there’s a better deal for your business.”
Notes to Editors
1) Federation of Small Businesses, ‘Small Business Index Q2 2016’, 04 July 2016. The FSB Small Business Index is the leading report focused on small businesses economic data. The SBI Q2 2016 survey was conducted between the 21 April and 9 May and features responses from 1,104 members of the FSB Big Voice survey community. The report covers a range of economic indicators including: small business confidence, employment and wages, exports, productivity, spare capacity, finance and investment. The SBI is conducted by independent research company Verve. For more information please contact the FSB press office.
As experts in business, FSB offers members a wide range of vital business services, including advice, financial expertise, support and a powerful voice in Government. Its aim is to help smaller businesses achieve their ambitions. More information is available at www.fsb.org.uk. You can follow us on twitter @fsb_policy.
The Federation of Small Businesses is the UK's largest campaigning pressure group promoting and protecting the interests of the self-employed and owners of small firms. Formed in 1974, it now has around 200,000 members across 33 regions and 188 branches.
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