The Royal Bank of Scotland has pulled the plug on a key regeneration development in Southport. Vince Cable keeps going on about the need for banks to lend to businesses and here we would appear to have a good example of the failure of the nationalised bank to do the decent thing.
The Southport Visiter ran a variant of the story and includes this claim from the developer Blythe Homes:
Former director of Blythe Homes, Ian Rowe, said: “Both these projects have been hit by the credit crunch. RBS pulled its support for these schemes.
“They actually withdrew the funding they had in place for Scarisbrick Avenue and put us into administration.
“Without the recession the bank wouldn’t have been so irrational and we would have got the work done.”
photography by Simon Shaw-and yes we are still learning...........