Press releases

4th Dec 2014 Back to top
3rd Dec 2014 Back to top
  • BBA welcomes better switching service

    Responding to the Autumn Statement, BBA Chief Executive Anthony Browne said: “More than a million customers used the new Current Account Switch Service to move to a different bank in the last year – with the latest figures showing a 22% rise in switches. It’s good news that more businesses will be able to use this service and that customers will have even greater protections in the future.

    “Banks contribute more than £25 billion each year to the nation’s public finances – enough to pay the salaries of around half a million nurses. It is absolutely right that this important industry pays its fair share of tax, but it is important to note that where banks have offset losses they have done so legally, just as all other businesses can.

    “The industry will work with the Treasury to implement these new rules.”

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1st Dec 2014 Back to top
  • Net lending to businesses picking up

    Commenting on the latest Bank of England monthly Money and Credit statistical release, BBA Chief Economist Richard Woolhouse said:

    “These figures show a pick-up net lending to small and medium-sized businesses, with gross borrowing hitting £5 billion for the first time in two years.

    “At the same time a boost in demand for personal loans and credit cards indicates people are feeling confident about the economy and looking take on new finance for bigger purchases.

    “Another drop in mortgage approvals indicates that we are now experiencing a cooling of the housing market, which is no bad thing given previous concern about the pace of property price rises.”

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27th Nov 2014 Back to top
  • BBA Q3 2014 SME lending statistics release and response to latest FLS

    Commenting on the publication of the Bank of England’s Q3 Funding for Lending Scheme statistics and the BBA’s latest figures on lending to SMEs, BBA Executive Director of Business Finance Irene Graham said:

    “BBA figures out today continue to show a pick-up in borrowing by small and medium sized businesses.  The Funding for Lending Scheme has played its part in that. Companies are also increasing their cash reserves, which suggests that the sector is in a healthy position. The majority of businesses that approach their bank for finance are successful and if they are not there is a process in place that allows them to appeal the decision. We would encourage business owners thinking about borrowing to approach their bank.”

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25th Nov 2014 Back to top
  • October 2014 figures for the high street banks

    Richard Woolhouse, Chief Economist at the BBA, said:

    “Today’s figures suggest that the cooling of the property market has continued in recent weeks. Approvals were 16% lower in October than in the same month last year – the corresponding figure for September was a 10% decline.

    “Despite softening in the housing market, consumers continue to show confidence in the economy with unsecured borrowing at its highest growth rate in years.

    “At the same time we all continue to make the most of new ISA rules, stashing more in our savings accounts over the course of the last year.”

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20th Nov 2014 Back to top
  • BBA response to bonus cap ruling

    Responding to the EU Advocate General’s opinion on the EU bonus cap legislation, a BBA spokesman said:

    “We continue to support the Treasury’s challenge to this legislation.  There have already been sweeping changes made to the way that bank staff are paid since the financial crisis. Bonuses are smaller and staff are rewarded for making decisions that benefit businesses, shareholders and the broader economy.

    “We believe that shareholders should be given powers to determine staff pay – not politicians. That’s why banks consult with investors before setting staff pay and shareholders also have the power to vote on the pay of senior bankers.

    “We believe this law runs counter to recent reforms and will make the system less robust by incentivising firms to increase fixed pay.  It also puts European banks at a disadvantage when competing with firms in other parts of the world.”

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6th Nov 2014 Back to top
  • BBA response to CMA announcement on market investigation

    Reacting to this morning’s announcement by the Competition and Markets Authority, BBA Chief Executive Anthony Browne said:

    “All the banks will co-operate fully with this investigation. There are already substantial changes currently underway across the banking industry to strengthen competition, which improves choice and service for customers.

    “Banks are pro-competition – they compete for business every day. This summer we published a series of ideas to help new banks set up and smaller players to grow. We hope these suggestions will be taken up by regulators and politicians.”

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31st Oct 2014 Back to top
  • BBA response to FPC leverage ratio review

    Responding to the Financial Policy Committee’s review of the leverage ratio, BBA Executive Director Simon Hills said:

    “The Bank’s proposals will provide the UK banking industry with a framework which balances safety with the need to keep lending affordable for businesses and individuals.

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29th Oct 2014 Back to top
  • BBA response to today’s Bank of England Bankstats

    Commenting on the latest Bank of England monthly Bankstats, BBA Chief Economist Richard Woolhouse said:

    “The drop in mortgage approvals suggests that we are now experiencing a steadier housing market, which is no bad thing given previous concern about the pace of property price rises.

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28th Oct 2014 Back to top