Senate urges banks to help Hampshire’s economy

6 July 2009

The collective power and influence of the Hampshire Senate has succeeded in bringing to the table some of the UK’s biggest banks to identify what they can do, to better support Hampshire businesses during the current recession. At its next meeting on July 10, the Senate will hear how through the work of its Economic Action Group, it has challenged the Royal Bank of Scotland, Barclays Bank, HSBC and Lloyds TSB, on their willingness to lend to small businesses, and has discussed how they could work together to speed up the economic recovery.

The Economic Action Group was set up as part of a raft of measures by the Senate to help stimulate the local economy. It has been tasked to identify the ways in which members of the Senate can work together to help safeguard Hampshire’s economy and its communities in the current financial climate.

Since the Senate’s last meeting, Hampshire County Council has awarded Hampshire Citizens Advice Bureau a further £40,000 to support its work in handling debt enquiries, which now make up the largest number of enquiries. In some instances enquiries to the county’s CAB have more than doubled, with mortgage arrears and credit card debt now the most significant issues of concern.