Banking Quest & Finance Blog

Businesses need "innovative" financial services sector

The need for firms to have access to an "innovative" financial services sector has been highlighted.

Businesses are in need of a "responsible" financial services industry, it has been claimed.

Firms on the search for business accounts may be interested in comments from Richard Lambert, director-general of the Confederation of British Industry (CBI), who states that despite the problems the sector has seen over recent years, changes must be made to ensure that organisations can access competitive products.

"A responsible and innovative financial services sector is of vital importance to the UK, both to meet the needs of businesses and consumers and to help the country pay its way in the world," he notes.

Speaking as part of the CBI's Future of Financial Services publication, Mr Lambert also states that the provision of innovative banking products will be crucial for helping Britain make its way out of the downturn.

Firms might also want to consider their use of UK accounts as the CBI's director of corporate affairs Matthew Fell recently noted that despite some signs of economic recovery, many businesses will continue to face difficulties over the coming months.

Meanwhile, John Varley of Barclays claimed that fewer banks will play a larger role in the global industry over the coming years, something that could have an impact on business bank account requirements.

Businesses are being offered financial assistance in the run-up to the Olympics, it has been revealed.

The Lloyds Banking Group has unveiled its commitment to business banking in the build-up to the 2012 Olympics.

With the London sporting spectacle just over two years away, the financial services provider reveals that it is to make some £1 billion in funding available to help UK firms make the most of the opportunities created by the event.

Such lending is available to those companies which win contracts with the Olympic Development Authority and the London Organising Committee of the Olympic Games and Paralympic Games, as well as any suppliers to firms which already have deals in place.

And with a guide entitled Winning Business also being published, those looking to manage their business accounts could find they have help in how to pitch for contracts in the run-up to the games.

Truett Tate, group executive director of wholesale for the firm, states: "British businesses could reap significant rewards from the Olympic and Paralympic Games. We want to make sure that they are able to secure competitively-priced finance."

Business bank account customers may also be interested to note Barclays recently announced it is to make an additional £88 million available to lend to small and medium-sized firms through the government's Enterprise Finance Guarantee scheme.

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