Member Article

EU exit could mean reduced access to finance

Consumers’ access to finance will be reduced if the UK exits the European Union, Acorn Money’s CEO Chris Greener warned today following David Cameron’s speech on his plans for the renegotiation of the UK’s role in Europe.

Greener was invited to Chatham House by UK Trade and Investment to hear the Prime Minister outline his plans for an EU referendum in 2017.

Cameron highlighted this was likely the most important vote of people’s lifetime, and sought input from all parties including small and growing businesses struggling with EU regulation.

Membership of the EU has proven a benefit for regional business through a variety of grant programmes. However, state aid restrictions limit the government’s ability to protect jobs such as the recent demise of steel jobs in Teesside.

European Union state aid restrictions also limit the ability of smaller businesses to combine grants and allowances under the de-minimis rules that cap benefits to €200,000 within three years. The PM stated that employment, and promoting business both old and new was central to his discussions with the EU.

UK car loans are widely finance by global providers of capital who keep interest rates down and increase product diversity for customers. Especially subprime and newer prime lenders that increase competition.

“The Prime Minister should ensure that the UK capital markets continue to thrive providing consumers with access to the diversity of loan products we need” said Greener.

Acorn Money provides access to financial education with its MotorPocket CFX online game and a wide selection of loan products and insurance through its MotorPocket brand.

This was posted in Bdaily's Members' News section by Acorn Money .