Limited access to credit is continuing to hit UK businesses, a
new survey by the Confederation of British Industry (CBI) has
found.
The research, conducted in February, follows a similar study in
January. Around 60 percent of firms who sought finance lines said
credit availability has deteriorated in the last three months. Some
38 percent expect the availability of new credit to further
deteriorate.
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The figure, however, is less negative than January’s 58 percent.
Two firms in five said they had to cut staff numbers in the last
three months.
CBI’s Chief Economic Adviser Ian McCafferty said that the
research showed businesses’ access to credit was “just as difficult
as it was a month ago.”
He said: “Significant government measures aimed at restoring
credit flows are gradually being put into place, but the pace of
delivery is slow.”
“The cost of borrowing, the credit freeze and the lack of a
solution on trade credit insurance are having a growing impact on
business activity.”
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