The BBA is the voice of the banking industry for all banks who operate within the uk
Banks Welcome Pre-budget Report To Steady The Economy
24/11/2008
Chief executive Angela Knight said banks were working with government and customers to ensure businesses, home owners and personal customers could be helped through the cur rent recession. She confirmed that, within the continuing constraints of the wholesale money markets, banks wanted to lend prudently to those in a position to repay. Mrs. Knight said she was pleased that the Chancellor's package of measures had concentrated on steadying the economy.
Lending Panel
The British Bankers' Association welcomed the new lending panel. Chief executive Angela Knight said banks would play a full part in the new process.
UK Competitiveness
The British Bankers' Association has a particular interest in the promotion of UK competitiveness through the removal of tax barriers. We welcome the announcement of proposals to introduce an exemption from corporation tax for foreign dividends. However, we would like such an exemption to be extended to overseas branches because taxing branch profits while exempting dividends from subsidiaries would be unfairly discriminatory.
Mrs. Knight said:
"The British Bankers' Association welcomes the moves the Chancellor has set out to boost the UK economy. Banks want to lend to businesses, home-buyers and personal customers but they need to have sufficient funds themselves to be in a position to do so. We hope today's measures will help bring more confidence to all companies and the economy, and allow a period of calm for banks to rebuild.
"We believe there has to be an honest assessment of our economy and what this all means to individuals. Today's announcement needs to balance stimulus to the economy without seeing the increase in consumer spending bolster manufacturing outside the UK.
"This is a comprehensive package that we sincerely hope will provide a much needed fiscal stimulus. The banks are committed to keeping close to their business customers and helping them through this difficult time."
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