Today Mark Garnier, MP for Wyre Forest, managed to force the chief executive of Lloyds Banking Group to agree to a meeting with him and his constituents. Eric Daniels, chief executive of Lloyds TSB since 2003, and of the merged Lloyds Banking Group since 2009, was being question by Mark during the Treasure Select Committee evidence session this morning. With the theme of the session being Competition within the Banking Sector, Mark used this opportunity to speak up for local small businesses (SMEs).
Mark asked Mr Daniels about Lloyds’ willingness to offer loans to SMEs. He said that a significant proportion of complaints he receives from businesses are from SMEs in Wyre Forest struggling to obtain loans from banks. Mark also pointed out that these SMEs, having been eligible for credit before the recession, have found that they are now not eligible. Mark suggested that this was “stifling business”.
Eric Daniels claimed that he was “very surprised at that statistic” and upon Mark’s suggestion that he meet the disgruntled customers in question replied, “I would very much appreciate that”. Mr Daniels insisted that Lloyds have not changed its credit criteria or pricing over the last three years.
Following the session Mark now asks that all Wyre Forest SME managers, with complaints regarding their treatment by Lloyds, come forward. Mark is keen for local businesses to be able to quiz the bank’s chief executive; to hear from people who are most affected by an inability to obtain loans.
Mark says: “Eric Daniels has said that he will meet with my constituents who are unhappy at their treatment from Lloyds banking Group. With credit to SMEs being an important element to the recovery, I am keen that as many as possible disgruntled Lloyds customers get the chance to put their views to the chief executive. “
Business managers who would like to take this opportunity to meet with Mr Daniels to voice their concern should contact Mark either at mark.garnier.mp@parliament.uk or telephone 0207 219 7198 or through the Kidderminster office on 01562 746771