2 April 2020
Banks were given the cash injection they needed to survive in 2008, it is now time for them to reciprocate and help UK businesses, the taxpayers who bailed them out, and the economy.
We welcome the Government’s clear position and the Business Secretary’s comments on the need for high street banks to support good businesses in financial difficulty throughout the coronavirus pandemic.
During the 2008 financial crisis, the banking sector was rescued through Government’s intervention. In fact, peak support for the sector was £955bn in December 2009, which included £70bn of taxpayers’ money directly injected into RBS and Lloyds to help them keep afloat. This crisis forever changed the relationship between banks and wider society.
Banks, which a decade ago were at the centre of a global crisis, now need to step up to the plate and offer much-needed financial relief to struggling businesses in their time of need. Their responsibilities to society need to be recognised and delivered on.
Andrew Harding, FCMA, CGMA
Chief Executive — Management Accounting
The Chartered Institute of Management Accountants, part of the Association of International Certified Professional Accountants