Packaging News
BPF president calls for pressure on banks to lend
The British Plastics Federation has called for banks to be forced to lend to packaging companies.
Speaking last night at the BPF’s annual dinner, president Paul Jukes, who is also managing director of plastics supplier Arkema, said that the manufacturing sector would only thrive if the finance sector started supporting it again.
“Banks must be pressured to lend money to our members,” he said.
At last night’s event, Jukes also revisited the issue of energy supply, saying that the BPF was “concerned about UK energy supplies reaching their limit some time between 2015 and 2017”.
The BPF has been vocal on looming energy shortages in the past, warning of “brown-outs” across industry as the UK’s current generation of power stations are decommissioned.
Jukes also said that the industry must continue its work to drive up the plastics recycling rate through schemes such as the Plastics 2020 challenge.
Jukes’ comments on the financial climate came just days after Glasgow-based label printer John Watson & Co revealed that it had been forced to seek finance in Switzerland for a £3m investment in a new printing press after UK banks refused to back the purchase.
Owner John Watson said: “If we can’t persuade banks to lend, what hope have other businesses especially new ones starting up? The Government must now intervene significantly to resolve this and force banks to lend before this lending famine wrecks the economic recovery.”
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