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UK banks reaffirmed their commitment to support British business through access to finance, helping SMEs plan for the future ahead of Brexit on 31 October through a new SME Finance Charter published yesterday.
The Charter was adopted at the first meeting of the new Business Finance Council, co-chaired by Business Secretary Andrea Leadsom and Economic Secretary to the Treasury John Glen. Attendees at the meeting included UK Finance, industry representatives, the British Chambers of Commerce and the Federation of Small Businesses.
The SME Finance Charter is made up of five overarching pledges that provide a framework for lenders to set out their own, individual commitments to SMEs in the coming weeks. In order to become signatories to the Charter, each lender will need to demonstrate what specific actions they are taking to deliver on the pledges.
Commenting on the Charter, UK Finance CEO Stephen Jones said:
?The SME Finance Charter reiterates the banking and finance industry's commitment to support SME customers throughout the UK's departure from the EU and beyond.
?Banks and lenders stand ready to support viable businesses whatever the outcome, and continue to provide guidance to help smaller firms plan for the opportunities and challenges ahead.
?Through our Let's Talk Business campaign, we are encouraging all businesses to contact their finance providers now to discuss how best to prepare and consider any additional financing needs.?
The Bank of England has said that Facebook's proposed cryptocurrency, 'Libra', must be subject to - and satisfy - 'strict? tests and regulatory oversight before it can be authorised to launch (Financial Times, £, p2).
In its latest Financial Policy Summary, published yesterday, the Bank identified Libra as having the potential to be a 'systemically important? payments system, stating that it therefore would need to be treated as such by regulators. It specifically noted that the digital wallets used to hold Libra will need to meet the same resilience standards as traditional bank accounts (The Guardian, p35).
The Royal Institution of Chartered Surveyors (RICS) said the number of new homes being put up for sale fell last month at the fastest pace since June 2016, in further signs of a slowdown in the housing market (Reuters).
The Financial Times (£, online only) reports that the US Federal Reserve will today announce that it has decided against mandating US branches of foreign banks to hold a minimum level of liquid assets.
Reuters (online only) reports that financial markets are braced for Brexit disruption as early as October 21, if it appears that neither a withdrawal agreement nor an extension will be agreed before the UK's scheduled exit from the EU on 31 October.
At a hearing in the French parliament yesterday, France's state secretary for European affairs said that only "political change" in Britain, allowing for a "different dialogue," would justify an extension of the October 31 Brexit deadline (Politico, online only).
Cash use in Britain has fallen rapidly in the last ten years with 11.5 billion fewer cash transactions in 2018 than in 2008. Adrian Buckle, Head of Research for UK Finance, said: ?The rise of the debit card and the decline of cash is the phenomenon of the last decade? (Daily Telegraph £, B5).?
In The Times (£, p24), the director of the Social Market Foundation, James Kirkup, notes that banks and other institutional lenders will have the essential role in tackling climate change through their capacity to invest in carbon-neutral technology and businesses. To facilitate this and to ensure investment is allocated effectively, better benchmarking standards for gauging the 'greenness' of businesses and technologies are required, he argues.
Gareth Narinesingh from Yoti blogs on the power of digital identity and the benefits for regulated financial services institutions.
Sarah Sinden, UK Finance, shares Take Five advice about how customers can protect themselves from scammers trying to take advantage of the Thomas Cook situation. Watch here.
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