Sort out the banks

If you read one article on the UK economy, then it should be this one from the Telegraph, which has an added impact as it describes the relationship between a Welsh business and their bankers.

The following quote says it all:

"In 15 years banking with NatWest, Rebecca Liddell's burgeoning South Wales caravan park company has never once missed an interest payment or defaulted on a loan. It has been a treasured relationship. After all, she says, without NatWest's £3m loan her third-generation family business would never have expanded to a fourth site. Ms Liddell repaid the money not just on time, but early. Last month, though, she was left in despair after her years of loyalty came to nothing. At the annual overdraft renewal negotiations, her NatWest manager broke the painful news. "He said he knew we'd never had a facility charge for the overdraft before, but he was now imposing 1.5pc," Ms Liddell said. "He also doubled our interest rate over base and reduced the size of the overdraft facility. Then he told us, 'If you don't like it, leave.'"

It is worth noting that NatWest is a subsidiary of RBS in which the UK Government has a controlling interest.

Comments

Anonymous said…

This is disgusting behaviour by NatWest. Small firms should boycott these sharks immediately.

November 04, 2008 6:27 pm

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