More Teamwork Needed Between Banks And Business Accountants

Wed, 04 Mar 2009

Britain’s high street banks are being urged to co-operate with business accountants when reviewing overdraft facilities.

The Institute of Chartered Accountants in England and Wales (ICAEW) has called for UK lenders to be more supportive of businesses struggling for finance during the economic recession, and take a long-term view of the situation.

Only 26 per cent of small and medium-sized companies said that their banks had been in contact to renegotiate or cancel overdraft contracts.

Speaking at the institute's annual policy summit, ICAEW chief executive Michael Izza urged banks to be fair when dealing with firms’ overdraft facilities.

He commented: "Many businesses, especially smaller businesses, are often heavily reliant on their overdraft and with current economic pressures."

"It is important that the banks use this opportunity to see how they can help companies, rather than using it as a way of increasing financial pressure."
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