Banks miss Project Merlin SME lending targets

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The Bank of England has confirmed that the UK's five main banks missed their Project Merlin targets for lending to small businesses in 2011.

As previously highlighted on AccountingWEB, the official assessment of Project Merlin confirms that total net lending from the biggest banks fell in every quarter of the last year. The BoE figures show that the five banks met their gross targets - however, falling £1.1bn short of the £76bn target.

The figures broken down by bank are: 

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So what can we do?

If the banks don't need our money why not put it somewhere where it will do some good, eg here or here or even here?

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