F&I Management & Training

Motor industry leaders have attacked banks for hampering the recovery of the sector from recession due to their unwillingness to lend.

Paul Everitt, chief executive of the Society of Motor Industry and Traders, said he had held talks with a number of High Street banks including Royal Bank of Scotland, Barclays, HSBC and Lloyds about their support for manufacturing.

However, with the exception of RBS, which has launched a £1 billion manufacturing fund, the banks were only willing to finance global vehicle manufacturers or international suppliers.

Mr Everitt said: "I think they are making a mistake because they don't understand the strategic shift to our industry and the economy."