Alternative lenders boost from Autumn Statement
3 December 2014
Fenton Burgin, Head of UK Debt Advisory at Deloitte, comments:
“Against a backdrop of traditional banks facing increasing capital and regulatory pressures, we fully support today’s moves to support alternative lenders, peer to peer lending platforms and financial technology (fintech) firms.
“Low interest rates mean that retail investors are looking for yield and the Chancellor’s moves to look to include peer to peer loans and other debt based securities in Isas will be welcomed. In addition, investors will now be able to offset any losses through P2P activity against their tax liability in much the same way as banks are able to do. The big picture is that the Chancellor is looking to remove barriers to the growth of alternative lending platforms and this has to be a good thing for mid cap corporates looking to raise growth finance.
The improved landscape should make it easier for individuals to invest in the mid-cap corporate space, which has been traditionally the preserve of traditional lenders.”
Visit our dedicated Autumn Statement website.
Notes to editors
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.
Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms.
The information contained in this press release is correct at the time of going to press.
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