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loan approvals halved since 2008

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loan approvals halved since 2008

British small businesses are being approved for bank loans at less than half the rate they enjoyed before the financial crisis, and one of Donald Trump’s former economic advisers says the fault lies not with the 2008 crash but with the rules written in its aftermath.

Tyler Goodspeed, who chaired the White House’s council of economic advisers from 2020 to 2021 and is now chief economist at Exxon Mobil, argues that post-crisis regulation forcing banks to hold more capital, rather than the depth of the recession, is the main reason Britain’s recovery has trailed the United States.

“For 15 years, British policymakers have told themselves that a slow recovery was simply the price of a deep recession. It isn’t,” Goodspeed says in a paper for the free-market Institute of Economic Affairs.

“History shows deep recessions are usually followed by strong rebounds. Britain’s experience after 2009 departed from this pattern because regulators, with the best of intentions, made it structurally harder for banks to lend to British businesses. That was a choice, and it is still being made today.”

His central figure will sting any owner who has pitched a bank for growth capital. Credit to smaller companies in the United States clawed its way back to 2008 levels by 2013; in the UK it remains 15 per cent below pre-crisis volumes. British lenders, he says, have pulled back from the real economy and switched instead to “low-risk lending to governments”.

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The consequences land hardest on the youngest, most ambitious firms, the ones the government keeps saying it wants more of.

“This matters because smaller, younger enterprises looking to expand may struggle to access credit through conventional bank loans because they lack credit history and physical assets that they might pledge as collateral,” Goodspeed says. “To illustrate this point, one might consider tech companies, whose primary assets are intangible, namely, their ideas. Without non-bank sources of credit, many such firms may be unable to access external financing, and instead be forced to rely on cash flow and retained earnings.”

That reliance is sharper here than across the Atlantic. UK firms lean far more heavily on bank funding than American peers, who can tap deeper capital markets and pools of private credit, private equity and venture capital. When the bank says no, many British SMEs have nowhere else to turn.

The picture Goodspeed paints is one Business Matters readers will recognise. Ministers have already hauled the big bank chiefs in for talks over shrinking access to credit, and the government has run a review into the supply of SME debt finance. The retreat of the high street has left challenger banks holding 60 per cent of the SME lending market, a share that was unthinkable before the crisis.

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Goodspeed’s verdict is blunt. The decline in bank lending to firms is a “searing indictment of UK financial policy over the past 15 years. Before 2008, approval rates for new bank loan applications by small and medium-sized UK businesses were often 80-90 per cent. By 2024, that had dropped to fewer than half,” he says.

Some of the post-crisis architecture is now being dismantled. The Bank of England has loosened rules on banker bonuses and signalled it will ease capital requirements for lenders, the buffers of cash and assets banks must hold against their lending. The previous Labour government, under Sir Keir Starmer, said it would also relax the post-2008 “ringfencing” rules that forced banks to separate retail banking from riskier investment activity, a change the industry has long wanted.

Whether looser rules translate into more loans for the corner-shop expansion or the software start-up remains the open question. For Goodspeed, the direction of travel matters less than the admission underneath it: that Britain’s credit drought was made in Whitehall, and can be unmade there too.


Jamie Young

Jamie Young

Jamie Young is Senior Reporter at Business Matters, covering SME finance, employment law and Westminster policy since 2016. He has reported on every Budget and Autumn Statement since 2018, helped make sense of the ‘covid era’ and the bounce-back loan scheme from launch through the fraud investigations, and broke the magazine’s coverage of the 2024 late-payment reforms. He joined Business Matters straight from completing his BA in Administration from Exeter University and is NCTJ-qualified. Reach him at jyoung@cbmeg.co.uk

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Quest Diagnostics Upgrades EPS Outlook For 2026 After Outperforming Q2 Results (NYSE:DGX)

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Quest Diagnostics Upgrades EPS Outlook For 2026 After Outperforming Q2 Results (NYSE:DGX)

This article was written by

Albert Anthony is the pen name of a business author on Amazon and his newest book is “How To Pick Stocks: 8 Steps For Long-Term Investing with Fundamental & Technical Analysis,” now available as a 2026 edition paperback and Kindle ebook in several regions including the US, UK, Canada, and Europe. The author is an analyst & contributor for investing platform Seeking Alpha since 2023, where he has nearly 2,000 followers and has covered hundreds of stocks in multiple sectors including banks/financials, REITs, insurance, pharma, and more. He has also written for platforms like Investing dot com, and has taken part in many business conferences includes Bloomberg Adria’s Investment Outlook 2026 as well as Money Motion 2026. Albert Anthony has Croatian-American roots, having grown up in the US and living in the NYC/New Jersey area as well as the Austin Texas area while working in enterprise IT roles at several prominent companies, including a top 10 financial firm. The author earned a B.A. from Drew University, and also completed certifications from Microsoft, CompTIA, and Corporate Finance Institute where he earned the specialization in risk management. He is founder of a boutique equities research firm, Albert Anthony & Company, which is a trade name both in the US and Croatia. Besides his writing and analyst work, the author has been active on camera as well, as a film/TV extra for casting agencies in Croatia/Europe, and also took part in roundtable panel discussions and appeared in several media stories in that region. You can also check out the author’s video content on the Albert Anthony channel on YouTube where he discusses investing topics, @author.albertanthony Please note: The author does not write about non-publicly traded companies, small cap stocks, crypto, or startup CEOs, so any such mail received and pitches from PR agencies will be deleted. Any official mail to the author should be sent to albertanthony.info@gmail.com. *Author Disclaimer: Albert Anthony and Albert Anthony & Co, is a US-based sole proprietorship registered as a trade name in Austin, Texas, and a sole proprietor registered in Croatia. The author nor his company are registered financial advisors and do not provide personalized financial advisory services to clients and do not manage client assets but provide general markets commentary and research as well as actionable insights based on publicly-available data and their own analysis. The author does not sell or market financial products and services, nor is compensated by any company for rating them. The author does not hold any material position in any stock he rates at the time of writing, unless otherwise disclosed. All investment is assumed to be at risk and readers are expected to do their due diligence beyond the scope of this author’s commentary, agreeing to indemnify the author of any liability for potential investment losses.

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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ICE Detains Southwest Airlines Flight Attendant at Nashville Airport Over Visa Overstay, Officials Say

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Nancy Guthrie

A Southwest Airlines flight attendant is in the custody of U.S. Immigration and Customs Enforcement after being detained while at work earlier this month, according to the airline’s flight attendant union and federal officials, in a case that has drawn both criticism from labor and immigrant advocacy groups and support from immigration enforcement supporters online.

ICE confirmed in a statement to CBS News Texas that agents detained Lorenzo Thompson at Nashville International Airport on July 14. According to the agency, Thompson, a citizen of Jamaica, entered the United States on a visa in April 2021 that authorized a temporary stay and expired later that year, but he did not depart when that authorization ended.

What federal officials say

According to ICE, Thompson’s visa allowed him to remain in the country for approximately six months before its expiration on Oct. 16, 2021. The agency said he overstayed that authorization and did not leave the country as required. “Thompson was cooperative with ICE officers and taken into custody without incident. Cooperation of this nature helps ensure the process is conducted safely and efficiently for all involved. He will remain in ICE custody pending immigration proceedings,” an ICE spokesperson said in a statement.

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In a separate comment provided to Fox News, an ICE spokesperson framed the case within the agency’s broader enforcement approach, saying, “Against our nation’s laws, he overstayed his visa and failed to depart. He will remain in ICE custody pending his immigration proceedings.” The agency noted that it offers people in the country illegally $2,600 and a free flight to voluntarily leave the U.S., adding that those who do not take that option and are later found to be in the country unlawfully face arrest and removal without the option to return.

What Thompson’s supporters say

Accounts from Thompson’s family, friends and advocacy organizations offer a different picture of his immigration status and circumstances. A friend of Thompson’s, Kristin Foster, organized a GoFundMe campaign to help cover his legal expenses, writing that Thompson holds a valid work visa and has a pending asylum case. “Since arriving, he has worked tirelessly to build a stable life, following every legal step toward citizenship. He has no criminal record. No parking tickets,” Foster wrote on the fundraising page. The campaign description also states that Thompson left Jamaica seeking safety from what it describes as life-threatening abuse.

The Labor Council for Latin American Advancement, an advocacy organization, also weighed in on Thompson’s case, stating that he held a valid work visa and was working toward U.S. citizenship. “He had a valid work visa and was a dedicated flight attendant, touching countless lives with his kindness,” the group wrote in a social media statement.

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The union’s response

TWU Local 556, which represents more than 21,000 Southwest Airlines flight attendants and is based in Dallas, confirmed that one of its members had been detained while at work. The union said in a statement posted to social media that it has been in contact with Thompson’s family and is coordinating with legal counsel to better understand the circumstances surrounding his detention.

“Every Member deserves to be treated with dignity and respect, and we are committed to ensuring this Member and their family know they are not alone during this difficult time,” the union said. In a separate statement posted to Facebook, the union added, “TWU Local 556 will continue to monitor the situation closely and remain engaged as we learn more. We appreciate our Members’ concern and support, as we all hope for a swift resolution to this situation.” The union has also made its Critical Incident Stress Management Team available to members affected by the situation.

When CBS News Texas sought additional details from the union, TWU Local 556 declined to provide further comment beyond its public statements. Southwest Airlines has not issued a public statement addressing the detention as of this week.

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A case that drew wide public reaction

News of Thompson’s detention circulated widely on social media following ICE’s confirmation of the arrest, drawing sharply divided reactions. Supporters of stricter immigration enforcement pointed to the case as an example of the kind of workplace enforcement action they have called for, while immigrant rights advocates and union representatives emphasized Thompson’s reported lack of a criminal record and his pursuit of legal immigration status, including a pending asylum claim, as reasons for concern about the manner and timing of his arrest.

Context around the arrest

Thompson’s case comes amid a broader wave of immigration enforcement actions that have drawn national attention in various workplaces and public settings over the past year, including at other airports and public transit locations. Federal immigration authorities have described such workplace enforcement actions as consistent with the administration’s broader approach to identifying and removing individuals found to be unlawfully present in the country, while advocacy groups and some labor organizations have continued to raise concerns about detentions that occur at a person’s place of employment, arguing that such arrests can be particularly disruptive to families, coworkers and ongoing legal immigration proceedings.

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Thompson remains in ICE custody pending the outcome of his immigration proceedings, according to federal officials. It remains unclear how his reported pending asylum application and work authorization status will factor into those proceedings, and neither ICE nor Thompson’s representatives have provided a timeline for when a resolution might be reached. Southwest Airlines, TWU Local 556 and advocacy groups following the case have not indicated whether any additional legal action or public statements are expected in the near term, and CBS News Texas said it continues to seek further comment from the airline.

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SpaceX’s Latest Growth Opportunity Isn’t About Starship. And It Isn’t Helping the Stock.

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SpaceX’s Latest Growth Opportunity Isn’t About Starship. And It Isn’t Helping the Stock.

SpaceX’s Latest Growth Opportunity Isn’t About Starship. And It Isn’t Helping the Stock.

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Retention, pathways critical for sport sector

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Retention, pathways critical for sport sector

SportWest chief executive Troy Kirkham says there is an importance for WA’s sport and recreation sector to ensure high-quality staff are retained and able to fulfil their potential.

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Q1 Results today: SBI Life, Tata Consumer, Hindustan Zinc among 86 companies to announce earnings

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Q1 Results today: SBI Life, Tata Consumer, Hindustan Zinc among 86 companies to announce earnings
As many as 86 companies are set to announce their April-June quarter results for the ongoing financial year 2027 today. The list includes FMCG major Tata Consumer, SBI Life Insurance and Vedanta-backed Hindustan Zinc, among several others.

Other key companies scheduled to report their earnings include Shriram Finance, ACC, Bank of Baroda, Bank of India, Shakti Pumps, Concor, CreditAccess Grameen, Jindal Steel, Kfin Technologies, Jindal Hotels, Laurus Labs, Lodha Developers, SBI Cards, SAIL, Ramkrishna Forgings, Welspun Corp and Sterlite Technologies.

Today, the market is reacting to IT major InfosysQ1 results. Shares dropped 3% after a host of global brokerages issued bearish calls on the stock after the company trimmed the upper end of its revenue growth guidance to 1.5%-3% in constant currency, while maintaining its operating margin outlook at 20-22%.

Meesho dropped as much as 5%to their day’s low of Rs 181.30 on Friday after announcing that it expects on-year growth in net merchandise value (NMV) to dip in the July-September quarter, and plans to increase spending on acquiring new users as it builds up to the festive season.

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Market outlook

Wall Street major Goldman Sachs sees the Nifty 50 rebounding to 26,500 by June 2027, a level above its current record high of 26,373, as it turns more constructive on India following an improvement in the recent macro backdrop.

The brokerage said lower commodity prices, a stabilised currency, resilient domestic growth, healthy second-quarter earnings expectations and the potential recovery in select domestic sectors have improved the outlook for Indian equities.
Goldman Sachs expects a shift in market leadership in the second half of the year, with investors rotating from growth stocks to value plays. The brokerage said valuation de-rating weighed on market returns in the first half amid concerns over an economic slowdown, while growth stocks outperformed because of the scarcity of earnings.
Looking ahead, it expects investors to increasingly favour reasonably valued segments as expectations of an economic recovery improve. Goldman Sachs also believes that as foreign outflows reverse in the second half, the biggest beneficiaries are likely to be the most-sold and attractively valued pockets of the market, particularly large-cap stocks and banks.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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Welsh retailers report a fall in shoppers

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The Welsh Retail Consortium has released footfall figures for June

Shoppers.(Image: Mark Lewis)

Welsh retail footfall fell in June but not as steeply as May shows new research from the Welsh Retail Consortium.

Year-on-year the number of shoppers on the high street, retail parks and shopping centres was down 2.3% on June last year – compared to a 5% fall in May.

England experienced a 4.3% fall and Northern Ireland 0.9%. The only UK nation or region to experience a rise in footfall was Scotland, up 1.7%. The biggest year-on-year decline was in London, down 6.8%.

Of the 11 core UK cities the biggest fall was in Liverpool, down 9%, while Glasgow was up 6.1%. The only other city to experience a rise was Manchester, with 1%. Year-on-year footfall in Cardiff declined by 3.9%, although an improvement on the 6.9% fall in May.

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Welsh shopping centre footfall decreased by 3.5% in June with retail park footfall decreasing by 0.9%.

Sara Jones, head of the Welsh Retail Consortium, said; “June brought some much-needed relief for Welsh retail destinations, with the pace of footfall decline easing after a difficult May. Welsh footfall was down 2.3% year-on-year, compared with a 5.0% fall the previous month.

“Warmer weather, events, and the start of the summer trading period encouraged more shoppers back onto high streets and into retail destinations, but this is recovery is in fragile form, not a full rebound.

“The direction of travel is better, but shopper numbers remain down year on year and retailers are under relentless pressure from rising costs and squeezed household budgets. If Wales wants thriving town and city centres, retail needs action, not warm words: lower cost burdens, stronger investment support, better high street access, and a clear plan.

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“With the new Welsh Government’s encouraging commitment to a town centre task force, retailers are ready to work with decision makers, but their voices must be heard and real change must follow. We now look forward to seeing how government turns that commitment into progress over the coming months.”

FOOTFALL BY NATION AND REGION

GROWTH RANK

NATION AND REGION

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Jun-26

May-26

1

Scotland

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1.7%

0.4%

2

Northern Ireland

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-0.9%

-1.0%

3

North East England

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-1.3%

-3.4%

4

North West England

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-2.2%

-5.0%

5

Wales

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-2.3%

-5.0%

6

Yorkshire and the Humber

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-2.4%

-3.7%

6

East of England

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-3.1%

-1.5%

8

West Midlands

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-3.8%

-2.5%

9

East Midlands

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-4.1%

-3.0%

10

South West England

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-4.1%

-5.3%

11

England

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-4.3%

-3.0%

11

South East England

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-5.9%

-4.4%

13

London

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-6.8%

0.0%

TOTAL FOOTFALL BY CITY

GROWTH RANK

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CITY

Jun-26

May-26

1

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Glasgow

6.1%

-0.6%

2

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Manchester

1.0%

-3.3%

3

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Edinburgh

0.0%

2.5%

4

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Sheffield

0.0%

-1.8%

5

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Belfast

-1.9%

0.1%

6

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Leeds

-2.8%

-2.8%

7

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Bristol

-2.9%

-3.3%

8

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Cardiff

-3.9%

-6.9%

8

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Birmingham

-4.1%

-1.6%

10

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London

-6.8%

0.0%

11

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Liverpool

-9.0%

-9.4%

Andy Sumpter, retail consultant with Sensormatic, which conducted the research, said: “June saw an improved performance for Welsh retail, with footfall down 2.3% year-on-year, marking the second strongest month of 2026 so far. As we pass the halfway point of the year, this brings the year-to-date figure to -4.4%, highlighting that while challenges remain, there are signs of stabilisation compared to earlier in the year.

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“As elsewhere in the UK, exceptionally high temperatures are likely to have influenced behaviour. Wales recorded its hottest June day on record, which may have discouraged shopping trips and shifted activity towards leisure or local destinations. At the same time, consumer confidence is improving slightly but remains subdued, with wider uncertainty continuing to weigh on discretionary spend.

“Shopping patterns also reflect a more cautious and deliberate consumer. While fewer trips are being made overall, those that do take place appear more purposeful. As we move into the second half of the year, retailers will be looking to build on June’s relative improvement by converting more deliberate visits into meaningful spend.”

For the survey footfall is defined by anyone entering a shop.

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Warrant issued for businessman who missed sentencing

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Warrant issued for businessman who missed sentencing

The District Court has issued an arrest warrant for WA and Bali businessman Stephen Robert Bruce after he failed to turn up at his sentencing hearing on Friday morning, claiming he had COVID.

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At Close of Business podcast July 24 2026

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At Close of Business podcast July 24 2026

Tom Zaunmayr and Sam Jones discuss a Pilbara council’s use of a futurist and AI to develop its future plan.

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Aussie shares post worst day in a month as oil soars

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Aussie shares post worst day in a month as oil soars

Australia’s share market has had its worst session in five weeks as oil surges and optimism fades for a timely resolution to the renewed US-Iran conflict.

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Form 4 McKesson For: 24 July

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Form 4 McKesson For: 24 July

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