The FSB pushes banking report

The FSB (Federation of Small Businesses) has recently said of the Independent Commission on Banking report that time is the most essential factor and its implementation should be rapid. This is a statement that is going to be of some encouragement to small businesses around the UK.

The FSB has said that the report should be put into practice, “as soon as possible.” John Walker is the chairman of the FSB and has said that the changes should be put into effect before the end of the current Parliament. His comments come from a survey that the FSB recently conducted that showed that the owners of small businesses think that the banking system needs to see reform.

Mr Walker has said, “Over 70% of the small businesses owners in the survey felt that more competition needed to be brought into the banking sector and of these all viewed it as essential for the future health of the entire sector. The reforms will see a safer and more secure banking system and the FSB urges the Chancellor to not make the reforms and less effective. All parties promised banking reforms before the election, now it is time for them to make this happen.”