Business start-ups agree banking Principles

Date: 15th December 2008

British business start-ups have agreed a new Statement of Principles with the banking sector, it has been revealed.

Published by the British Bankers' Association (BBA), the document sets out how banks intend to support business start-ups during the economic downturn.

Some of the major points included in the statement are the importance "openness and early collaboration" between small firms and lenders.

Angela Knight, chief executive of the BBA, wrote: "All our major banks have skilled specialists to deal with customers in difficulties.

"They will be involved in the small number of cases when, despite everyone's efforts, a business is failing."

She added that both the industry and its clients were aware that responsible banking and good management were essential to the success of businesses.

In other news, the Chartered Institute of Taxation recently claimed that accountancy firms had been spending much longer with their customers since the onset of the financial crisis.