Boost SME banking to ‘add £4bn to Scots GDP’

A new approach to banking could increase the productivity of small businesses by 10 per cent, claims a report published today by TSB.

The bank’s “Boosting Local Business” report states that giving small and mediumsized enterprises (SMES) access to better banking services could bring a 10 per cent rise in productivity and add some £4.6 billion to Scotland’s grossdomesticproduct(gdp).

According to the report, banks should help SMES to access “best-in-class” technology and business services, “come clean” on fees and charges by offering transparent pricing and place a greater focus on helping small businesses to borrow well.

Richard Davies, SME banking director at TSB, said: “We hope that by unveiling key opportunities to help small businesses, and committing to rolling out a new business banking offer over the coming months, we will be able to play our part in unlocking this huge potential for the UK.”