Small Business Forum draws closer

Date: 27th October 2008

The first meeting of the newly reformed Small Business Forum is to take place within three weeks.

Through the Forum, the small business sector will be able to discuss pressing issues with the UK's banks, such as tightening of lending criteria and soaring prices of credit.

The meeting had previously been a quarterly arrangement until 2003, when Mervyn King took the reins as governor of the Bank of England.

Secretary of state for business, Peter Mandelson, commented: "There's willingness to make sure that we get through these very difficult times.

"Banks … want to help where they can, but banks are facing difficult conditions of their own."

The head of the Federation for Small Businesses, John Wright, had demanded last week that the government provide the sector with a £1 billion rescue fund, which would help small firms with the costs of taxation and accounting.

In other news, small and medium enterprises have until the end of this month to file a self-assessment tax return with HM Revenue and Customs, or until January 31st if filing online.