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Alistair Darling has met with the bosses of the retail banks and have urged them to lend more to small and medium sized businesses. According to the British Bankers Association lending to small companies rose to £391 million in June, compared with £133 million in May. Alistair Darling also criticised the banks for increasing the cost of borrowing as interest rates were at record lows of 0.5%. The BBA have said that lending to small businesses is essential to bring the UK economy out of recession.
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