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By David Hanson MP / Latest News / / 0 Comments

Business, Energy and Industrial Strategy Questions: EFG

The Enterprise Finance Guarantee Scheme was established to ensure that struggling businesses were given the support they needed during the banking crisis of 2008-09. It was designed so that banks could apply for financial support to ensure that businesses could afford daily running costs.

However, this scheme was misused by banks such as the Royal Bank of Scotland. Some businesses is Delyn were mis-sold this scheme in what appears to be a deliberate attempt to profiteer at someones loss. Perfectly good businesses that employed people in our constituency were run into the ground by financial institutions who wanted to make a quick buck.

A campaign has been ongoing for years to try and hold those with power and influence in banking to account for their actions. I wanted the Minister to provide an answer as to what discussions she will have with the Treasury to ensure that the scheme is properly regulated. She has promised to write an in-depth response which I eagerly await.