We are really stuck between a rock and a hard place, aren't we?<div><br></div><div> "the UK economy remains in trouble. Growth remains weak and confidence fragile. Lending to small and medium businesses – the motor for job creation – has collapsed. "</div>
<div>"With British businesses so important to growth, this is deeply damaging to hopes for economic recovery."</div><div><br></div><div>We are caught in a dualistic system where we are damned if we do and damned if we don't. If growth is weak, then massive number of people are out of work and people suffer. However, as Guy McPherson observed, the only variable which has had any significant impact on rates of carbon emissions is a slowdown in economic growth. </div>
<div><br></div><div><a href="http://guymcpherson.com/2013/01/climate-change-summary-and-update/">http://guymcpherson.com/2013/01/climate-change-summary-and-update/</a></div><div><br></div><div>Guy's own prognosis is pretty bleak as he thinks that even total global economic collapse will not be enough to stop the positive feedback loops human civilization has now set in motion. </div>
<div><br></div><div>However, he still argues that economic slowdown is the only thing shown at this stage, to have any impact at all on carbon emissions.</div><div><br></div><div>Are we simply rearranging deck chairs while the Titantic goes down?</div>
<div><div><br><br><div class="gmail_quote">On Thu, Jan 31, 2013 at 11:59 PM, Michel Bauwens <span dir="ltr"><<a href="mailto:michel@p2pfoundation.net" target="_blank">michel@p2pfoundation.net</a>></span> wrote:<br><blockquote class="gmail_quote" style="margin:0 0 0 .8ex;border-left:1px #ccc solid;padding-left:1ex">
<br><br><div class="gmail_quote">---------- Forwarded message ----------<br>From: <b class="gmail_sendername">Dante-Gabryell Monson</b> <span dir="ltr"><<a href="mailto:dante.monson@gmail.com" target="_blank">dante.monson@gmail.com</a>></span><br>
<div class="gmail_quote"><div><div><div><div><p><br>
<a href="http://www.telegraph.co.uk/news/politics/conservative/9804025/How-a-revolution-in-business-lending-could-transform-the-British-economy.html" target="_blank">http://www.telegraph.co.uk/news/politics/conservative/9804025/How-a-revolution-in-business-lending-could-transform-the-British-economy.html</a><br>
</p><div>
<h1>How a revolution in business lending could transform the
British economy</h1>
<h2>
Peer-to-peer lending has the potential to kickstart the economy
by providing credit for small businesses, says James Meekings.
</h2>
<div>
<div>
<div>
<div>
<div> <img src="cid:part1.04050107.06040709@daastol.com" alt="Business Secretary Vince Cable Speaks at Grovenor
House in London" height="387" width="620">
<div>
<div> <span>Vince
Cable, the Business Secretary, has backed Funding
Circle and other peer-to-peer lenders</span> <span>Photo: David Rose</span></div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
<div> </div>
<div>
<div>
<p> By <span rel="author">James Meekings</span></p>
</div>
<p>9:00AM GMT 16 Jan 2013</p>
<div> </div>
</div>
<div>
<p>
Despite some encouraging signs, the UK economy remains in
trouble. Growth remains weak and confidence fragile. Lending to
small and medium businesses – the motor for job creation – has
collapsed. A series of Government initiatives has so far failed
to get the banks to start lending again. The result is that
thousands of well-run and profitable businesses are struggling
to get the money they need to invest, grow and hire more staff.
</p>
</div>
<div>
<p>
Even when loan applications are approved by banks, businesses
complain about long delays and the high interest rates they are
charged. Given the rock-bottom rates at which the banks can
borrow themselves, this only adds to their anger. With British
businesses so important to growth, this is deeply damaging to
hopes for economic recovery. </p>
</div>
<div>
<p>
It is why I am delighted to be taking part in the Daily
Telegraph round-table discussion today to discuss with bankers,
politicians and other experts about how we can get business
credit flowing again. I believe Funding Circle and the
peer-to-peer lending industry as a whole has an increasingly
important role in this challenge. </p>
</div>
<div>
<p>
So, importantly, does the Government. Last month Vince Cable,
the Business Secretary, announced he was investing £20 million
of taxpayer’s money in small businesses through Funding Circle.
The move underlined the determination of ministers to kick-start
business lending and recognition that this won’t be achieved by
simply repairing the old system. </p>
</div>
<div>
<p>
It was also a huge vote of confidence in peer-to-peer business
lending and a sign of our growth and impact over the last 12
months. The banks’ failure to meet the needs of businesses has
created the conditions for a whole host of new entrants to come
into the market. </p>
</div>
<div>
<p>
These new types of businesses are leveraging the disruptive
power of the internet to deliver solutions that are better,
faster and more efficient than traditional operators. </p>
<p>
Funding Circle is one of these entrants. We match people who
want to lend money with successful firms which want to borrow.
All the businesses we back are British. </p>
<p>
From the moment we launched two years ago, it was clear that
there was a need and appetite for what we offered. Within our
first 10 weeks, we had arranged over £1 million of loans for
established, growing businesses. </p>
<p>
By enabling people across the country to lend as little as £20
to individual businesses and enjoy a typical 6 per cent return,
we’ve opened the door to a new army of potential investors. We
have now helped more than 1,400 different businesses with loans
totalling over £70 million. New borrowing is running at £7
million a month, a figure growing all the time. </p>
<p>
It’s not just the government which is channelling investment to
small businesses through us. Local councils, too, are seeing
Funding Circle as a way of lending to their local businesses,
demonstrating that peer-to-peer lending is becoming a mainstream
way to invest. </p>
<p>
Nor is Funding Circle alone in moving into the gap left by the
established banks. There are a wide range of new entrants coming
into the market. They include Credit Asset Management, Zopa and
Boost & Co who are also being used to channel money from the
Government to small businesses. </p>
<p>
This does not mean, of course, that the new challengers can
immediately replace the banks as the prime source of business
loans. These will, in the short and medium term, continue to
come overwhelmingly from these traditional financial
institutions. But while we may still only represent a tiny part
of the market, we are growing strongly. </p>
<p>
As the Bank of England’s Director of Stability Andy Haldane has
pointed out, it was not that long ago when Google, too, was
small. He said last month that the internet had already
transformed many other business sectors and predicted it would
have the same impact on small business high street banking.
Skype, Amazon and a host of new travel and music businesses have
already altered the landscape completely in their industries,
providing increased competition, better service and lower costs
for consumers. </p>
<p>
The Government’s decision to use new entrants to release the
brake on small business lending will help a similar revolution
in the financial sector gather speed. So, too, is the recent
decision to regulate our industry – a step we have been urging.
Sensible regulation which improves safeguards for investors
without stifling innovation will give the sector added
credibility. Both these important moves will help increase
banking competition and, importantly, increase the flow of
lending to British business. </p>
<p>
So what else could be considered which might accelerate these
welcome changes? One reform is to make tax-free the interest
investors receive on their loans to small businesses. </p>
<p>
This could perhaps be achieved by finding a way of bringing such
loans within the overall tax-free wrappers of ISAs. It would not
prove too expensive but would make investing in small firms even
more attractive. </p>
<p>
But even without new moves, I see no reason why, over time,
peer-to-peer lending should not provide 10 per cent of the small
business loans market, in the same way that bond markets equate
for a large proportion of big business finance. </p>
<p>
The last twelve months has seen peer-to-peer lending come of
age. What was at the beginning of 2012 still a fledgling
industry is now providing a real alternative for small
businesses looking for investment and investors wanting a better
return on their money. Thanks, in part, to the Government’s vote
of confidence in our industry, I believe 2013 will be the year
that peer-to-peer lending will become mainstream. </p>
<p>
This would be good news for small businesses, good news for
investors and good news, above all, for the economy as a whole.
</p>
<p>
<strong>James Meekings is the founder of <a href="https://www.fundingcircle.com/?gclid=CJ-Ns9vy6rQCFWbKtAoda2kAWw" target="_blank">Funding
Circle</a></strong>
</p>
</div>
<br>
<div>
<div>
<h2><span>Related Articles</span></h2>
</div>
<ul>
<li>
<p> <a href="http://www.telegraph.co.uk/news/9803198/Consider-changing-the-law-to-defend-the-right-to-wear-crosses-says-Pickles.html" target="_blank">Consider
changing the law to defend the right to wear crosses, says
Pickles</a> </p>
<span>15 Jan 2013</span> </li>
<li>
<p> <a href="http://www.telegraph.co.uk/news/politics/9802332/Yes-Minister-is-essential-training-for-Government.html" target="_blank">Yes
Minister is essential training for Government</a> </p>
<span>15 Jan 2013</span> </li>
<li>
<p> <a href="http://www.telegraph.co.uk/news/politics/9802967/No-10-rebukes-Nick-Clegg-over-his-attack-on-PMs-Europe-speech.html" target="_blank">Downing
St warns Clegg over Europe</a> </p>
<span>15 Jan 2013</span> </li>
<li>
<p> <a href="http://www.telegraph.co.uk/news/politics/9802042/Nick-Clegg-EU-referendum-will-have-a-chilling-effect-on-the-economy.html" target="_blank">EU
referendum will have a 'chilling effect' on the economy,
says Clegg</a> </p>
<span>15 Jan 2013</span> </li>
</ul>
</div>
<br>
<p></p>
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<br>----------<br><span><font color="#888">From: <b>D.J.Bezemer</b> <span dir="ltr"><<a href="mailto:d.j.bezemer@rug.nl" target="_blank">d.j.bezemer@rug.nl</a>></span><br>Date: Sat, Jan 19, 2013 at 9:53 AM<br>
To: <a href="mailto:gang8@yahoogroups.com" target="_blank">gang8@yahoogroups.com</a><br></font><br></span><br>
<u></u>
<div>
<span> </span>
<div>
<div>
<div>
<p></p><div>Interesting - this is the rebirth of the old mutuals, with ICT. </div><div> </div><div>But they do not CREATE money - that part of the system remains stuck, and without it no tranformation of the econmoy can take place.</div>
<div> </div><div>Dirk </div><div></div><p></p></div>
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<br>----------<br><span><font color="#888">From: <b>Hugh Whinfrey</b> <span dir="ltr"><<a href="mailto:market@svarsmaal.dk" target="_blank">market@svarsmaal.dk</a>></span><br>Date: Sat, Jan 19, 2013 at 8:50 AM<br>
To: <a href="mailto:gang8@yahoogroups.com" target="_blank">gang8@yahoogroups.com</a><br></font><br></span><br>
<u></u>
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<span> </span>
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<p><u></u>
</p><div><font face="Arial">I agree that these schemes are not creating money
at present, inasmuch as we ignore the interest on these loans.</font></div>
<div><font face="Arial"></font> </div>
<div><font face="Arial">However, the future of these things lies in
building brands and brandname identification around the scheme.</font></div>
<div><font face="Arial"></font> </div>
<div><font face="Arial">The step from there, especially during during a
monetary crisis, to 'going rogue' and floating such a scheme as a separate
'currency' is a minor step once critical mass has been reached within a closed
system with enough participants. </font></div>
<div><font face="Arial"></font> </div>
<div><font face="Arial">For example, in the event of hyperinflation where
existing money becomes essentially worthless, such a step could be easy to
motivate and undertake in response.</font></div>
<div><font face="Arial"></font> </div>
<div><font face="Arial">That makes the details of the organisation of the
scheme a critical issue. </font></div>
<div><font face="Arial"></font> </div>
<div><font face="Arial">Hugh</font></div><div></div><p></p></div>
<div> </div>
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<br>----------<br><span><font color="#888">From: <b>Geoffrey Gardiner</b> <span dir="ltr"><<a href="mailto:geoffrey.gardiner@btinternet.com" target="_blank">geoffrey.gardiner@btinternet.com</a>></span><br>
Date: Thu, Jan 24, 2013 at 9:27 PM<br>To: <a href="mailto:gang8@yahoogroups.com" target="_blank">gang8@yahoogroups.com</a><br></font><br></span><br>
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<div>This is most amusing. The suggestions are primitive and a scheme like
Japanese Loan Trusts is needed. I doubt if I have my files on the work we in
Barclays did on it in 1974. The Japanese Trust bankers told me they had deposits
from all Japanese. At that time the British public knew only National Savings
and Building Societies. I have mentioned before that in 1976 I suggested to a
very senior BofE official that they ought to look at foreign capital systems and
he just went ballistic.</div>
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<div>Geoff</div>
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<div><b>From:</b> <a title="market@svarsmaal.dk" href="mailto:market@svarsmaal.dk" target="_blank">Hugh Whinfrey</a> </div>
<div><b>Sent:</b> Saturday, January 19, 2013 7:50 AM</div>
<div><b>To:</b> <a title="gang8@yahoogroups.com" href="mailto:gang8@yahoogroups.com" target="_blank">gang8@yahoogroups.com</a> </div><div></div></div></div>
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