That is right. My hon. Friend might have examples from his constituency—I certainly did—of the RDA underwriting small business loans for small companies when the banks, particularly Barclays and others, suddenly withdrew the finance. One company came to me that wanted a £1 million overdraft for six months to get some investment and the RDA helpfully underwrote that to allow the investment to go forward and create in the region of 25 new jobs. That is the important point about the relationship between the banking system and the regions.
Finance (No. 3) Bill
Proceeding contribution from
Lord Beamish
(Labour)
in the House of Commons on Tuesday, 3 May 2011.
It occurred during Debate on bills
and
Committee of the Whole House (HC) on Finance (No. 3) Bill.
Type
Proceeding contribution
Reference
527 c535-6 
Session
2010-12
Chamber / Committee
House of Commons chamber
Subjects
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Timestamp
2023-12-15 15:59:44 +0000
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