BIG INCREASE IN STOCKPORT RESIDENTS FILING FOR BANKRUPTCY IS DEEPLY WORRYING - STUNELL

3.47.00pm GMT Mon 24th Nov 2008

Over 300 people filed for bankruptcy across Stockport in the first nine months of the year, according to figures released by the Ministry of Justice, a 36% rise on the same period in 2007.

Lib Dem MP Andrew Stunell says the figures are being made worse by the big banks refusal to provide working credit for local firms, and sufficient support for their customers.

"The figures show 661 firms went bust and more than 2,300 people filed for bankruptcy across Greater Manchester. In Stockport we were particularly hard hit, seeing an increase of 36% in bankruptcy proceedings compared to last year."

Now Mr Stunell has written to the Chief Executives of the major banks, urging them to ensure that the recent cuts in interest rates are passed on to their customers, and local businesses, to help them weather the economic storm.

Commenting, Andrew said:

"The figures show the economic downturn is stretching more and more people to breaking point, and it is plain the banks aren't helping. They've had their bail out, and now they need to pass it on to local companies.

"Businesses across Greater Manchester are suffering from the downturn - profits are being squeezed, jobs are being lost, and many more are still at risk.

"It is vital that the Government offers help to the millions who are struggling to keep their heads above water. Taxes must be reduced, and we must work with banks to reduce the cost of borrowing, in order to keep people in their homes and businesses open."