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New Bank of England Governor urged to support UK businesses

 

The new Governor of the Bank of England (BoE) is being urged to kick-start lending and boost support for UK businesses.

 

In a letter to Mark Carney, who officially replaced Sir Mervyn King earlier this week, the British Chambers of Commerce (BCC) outlined a number of proposals which it claims will help to create a ‘stable business environment’.

 

The organisation called on the new BoE chief to ‘capitalise the British Business Bank and ensure that existing schemes, such as the quantitative easing programme and the Funding for Lending Scheme, go further to support real businesses’.

 

BCC Director General, John Longworth, also urged Dr Carney to ensure that businesses are provided with greater certainty over interest rates, and that concerns regarding inflation are also taken into account.

 

He said, ‘We believe that the Bank of England can take real action under your leadership to help entrench that recovery and secure our future competitiveness – by helping to secure the flow of finance to the new, growing and dynamic businesses that need it most’.

 

Dr Carney, who was previously head of the Canadian central bank, was handpicked by the Chancellor and is the first non-British citizen to govern the BoE in its 319-year history.