Banks are ‘stifling’ small businesses by imposing lockdown on new accounts
Frustrated entrepreneurs are being “stifled” by the decision of almost all high street banks to stop opening new business accounts, a TheBusinessDesk.com investigation has found.
Banks claim they need to prioritise the needs of their existing customers, which has seen them bring the shutters down on new accounts for periods of up to three months.
Mike Cherry, the chairman of the Federation of Small Businesses, called for urgent action to unblock the system.
He said: “We simply can’t afford another extended period of b... You can carry on reading TheBusinessDesk.com for free, but you have reached the maximum number of pages an unregistered user can view. To register for an account, click here or login below...
