Weston-super-Mare Liberal Democrats - campaigning with Mike Bell for Weston, Worle and the villages

'Bank of North Somerset' needed to boost local firms

12.00.00am GMT Thu 7th Jan 2010

UK Money - notes and coins

North Somerset should have its own council-run bank to boost investment in Weston and support local small businesses according to a local campaigner.

The idea has come from Liberal Democrat Parliamentary Candidate Mike Bell, who says a similar scheme is already working well in Essex.

Mr Bell said: "Talking to business people locally, one of the most important things that is needed this year is for banks to return to their normal lending criteria.

"Without fair and flexible lending, businesses cannot invest for the future and drive our economy towards recovery and growth. But we need more competition in the banking sector.

"I believe North Somerset Council should follow the example of Essex County Council, who have set up their own bank in partnership with Abbey Corporate Banking. The Bank of Essex has made £30 million available in loans and overdrafts to help local businesses.

"Businesses and entrepreneurs in Weston and North Somerset need that same kind of ambitious and forward looking leadership from our own Council to get things moving."

Mr Bell has written to the Chief Executive of North Somerset Council urging him to look at the Bank of Essex model and consider creating a Bank of North Somerset for local firms.

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Previous news story: "Lunatic" plans for office move will harm Weston (Tue 5th Jan 2010).
Next news story: Don't miss out on cold weather help says Mike (Fri 8th Jan 2010).

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