The Chief Executive of Isle of Man-based Conister Bank has written to the UK Chancellor ahead of the Autumn Budget Statement, calling for urgent and targeted support to unlock the growth potential of Britain’s small and medium-sized enterprises.

In an open letter addressed to Chancellor Rachel Reeves, Douglas Grant highlighted research from parent company Manx Financial Group which found nearly one in three SMEs in the United Kingdom have had to halt or suspend parts of their operations due to a lack of finance.

The study also found that one in 10 businesses had been unable to access funding despite actively seeking external capital.

Mr Grant sat down with Christian Jones to explain.