Businesses 'don't like banks', says research

BANKS and small businesses are having a bad relationship, says the Institute of Chartered Accountants in England and Wales (ICAEW).

Research by ICAEW says that banks need to repair the damage and restore trust in order to help businesses grow in 2011.

It says that some smaller businesses feel "bruised" and "scarred" by the way they have been treated by banks during the recession and many perceive that banks's relationship managers lack authority.

Other gripes are fee charges and problems getting finance.

Michael Izza, chief executive of ICAEW, said: "Businesses miss the flexibility and helpfulness which used to exist in banks."

Yesterday, the YEP reported that a third of Yorkshire businesses were set to change their bank in the next three years.

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