FINWIRE®

HSBC Commercial Banking responds to the Budget for 2009

April 24th, 2009

“It was essential that the Alistair Darling’s Budget really focused on helping businesses of all sizes weather the current economic downturn.

It was pleasing therefore that there were many positive initiatives announced, some of which really do help businesses improve their cash flow, access credit and trade more effectively.

HSBC fully supports these sentiments and has already pledged to make an additional £1 billion available to UK SMEs this year to help them with their working capital requirements.

“The announcement that loss-making companies will be able to reclaim taxes on profits made in the last three years to offset their losses should also prove to be a welcome boost to many businesses.

We are committed to working with our business customers to provide the support and right financial solutions to help them weather the storm.

“Doubling the capital allowance rate to 40 per cent should give more businesses the means and impetus to bring forward investment plans, which we see as an important step to enabling firms to move forward and increase their ability to trade internationally.

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