On Wednesday 20 June, Kevan Jones contributed to a Westminster Hall Debate on Unemployment in the North East.
During his speech, Kevan focused particularly on the role banks and mortgage lenders have in supporting local businesses. He mentioned the case of Ambic, an excellent company based at the Stella Gill Industrial Estate in Pelton Fell, who employ 40 people but now face an uncertain future after Natwest announced they were raising the company’s borrowing rates to between 6 and 15%.
Kevan said, ” I have written to the Secretary of State to raise the matter. It is a good example: if someone wants to kill off a business, that is the way to do it. The company owner is quite angry about the situation. Like me and others, he thinks that this is a bank that has received billions of pounds of public money. If he has to, he will just shut up shop, but that will be 40 jobs gone from the local community, which will cost the taxpayer a hell of a lot more and ruin a very successful business. It has never been late in paying for any of its borrowings and, as I said, is committed to the local community.”
You can read the full text of Kevan’s speech, and the rest of the debate, here: http://www.publications.parliament.uk/pa/cm201213/cmhansrd/cm120620/halltext/120620h0002.htm