Corporate banking could open its doors after new prime minister announced

The corporate banking sector could increasingly open its doors to small companies that require credit for expansion plans and other future goals.

Conservative David Cameron is the new prime minister of the UK, while Liberal Democrat leader Nick Clegg is his deputy.

In response to the political announcements, the Federation of Small Businesses (FSB) has said it welcomes the potential plan by the two parties for a national loan guarantee scheme to help credit flow into smaller businesses.

Organisations in the corporate banking sector could well be forced to become more flexible about which firms it takes on to its books.

FSB national chairman John Walker said: ’While compromises have been made, the policies laid out will help to safeguard business confidence allowing it to support further economic recovery.’

Proposals to increase employers’ National Insurance Contributions by one per cent have also been scrapped.

A recent FSB survey found over half of respondents were not confident about the current state of the UK’s economy.ADNFCR-2318-ID-19772614-ADNFCR