I must say I do chuckle every time I read about project Merlin. Having spent many years in arranging business finance for SMEs it is so obvious the banks are pulling the wool over politicians’ eyes – or that politicians just haven’t got a clue what is going on. Yesterday I read a marketing spin from a bank: “85% of loan applications have been approved”. The small print, however, suggested it was only loan applications submitted by the business development managers. This has nothing to do with applications made by clients. Our experience is simple, it is hard work to arrange business finance. It is a little bit like entering a boxing ring – you have to be prepared to go the whole fifteen rounds and you have to be prepared to take a number of hits.