p5 ppma matters:MU 2010_0506 08/11/2011 11:05 Page 1
ppma matters
“Credit where it’s due ... no pun intended!” Anyone who has read this column regularly will recognise that I am not backwards in coming forwards when it comes to seizing upon organisations, public or private, when they are exposed for crass hypocrisy or failure to deliver on their expressed commitments to British industry. However, we cannot take such a stance if when someone actually tries to do the ‘right thing’, we don’t recognise it and congratulate them for doing so. There is no doubt that the banking community came out of the recent recession somewhat bruised and unpopular. Not only was their previously cavalier attitude to lending considered by many to have caused the crisis in the first place but they went on to be blamed for just about everything that didn’t meet with our approval – period. A banker’s life was indeed an unhappy one and they are still a long way from recovering any loyalty from the manufacturing sector. However, having stoically taken their well deserved punishment there is a significant proportion of the banking community, not least of all the British Bankers Association (BBA) and a selection of related public sector stakeholders who are making laudable efforts to ‘wipe the slate clean’ and ‘make-amends’ for their previous misdemeanours. Recognising that UK manufacturing may provide a much needed lifeboat out of the current economic turmoil, the BBA has established a taskforce comprising of six major British banks and has unveiled a 1.5 billion pounds business growth fund to ‘kickstart’ funding to small businesses. The recommendations include a national mentor programme with the involvement of both the Small Firms Enterprise Development Initiative and the Federation for Small Businesses. The Taskforce banks have committed to seventeen actions in three areas: improving customer relationships; ensuring better access to finance; and providing better information while promoting understanding. John Varley, chief executive of Barclays and chairman of the Taskforce, said: “The private sector will play a key role in the recovery and it’s our job to help viable firms to be successful. SMEs are particularly important as a source of job creation and growth.” Halleluiah! At the risk of accusing Mr Varley of stating the down-right obvious – has it not always been so? Now, I have to admit to being just a tad cynical – but let’s not be churlish. We should give credit where it is due (no pun intended). At least the banking community is now trying to engage with industry constructively and from my own meetings with the BBA, I know that there is genuine desire on the part of the finance community to resolve our current problems. We owe it to ourselves and the future of UK manufacturing to present them with an open door.
CEO PPMA Group of Associations (Incorporating BARA, UKIVA and PMMDA). www. m a c hine r yup da te. c o . uk