Out Of Credit: How The Banks Took Away The Industry's Overdrafts

摘要

Do you want to know thernmost offensive phrase I'vernheard the banks use?"rnasks the chief executive of a ￡150m-turnover construction company. "We can get better value elsewhere," he says, with disgust. "I hear it again and again."rnHis bank recently demonstrated its loss of faith in the construction sector by cutting his overdraft by 40%.rnResearch released today by strategy consultant Roland Berger shows there are many others like him. The study found that more construction and property companies have had unused credit withdrawn than any other sector of the economy.rnThe compilers of the report spoke to finance directors at 32 of the UK's largest construction and property companies with a minimum turnover of ￡250m. The alarming findings are supported by evidence from company bosses further down the chain.rnAlmost half of the firms interviewed had their overdraft facilities cut; the figure of 44% compares with a pan-industry average of 34%.