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Lee Hopley, chief economist at EEF, a manufacturers' organization, said small and medium-sized companies "continue to be frustrated by the cost and terms and conditions around lending, with some opting out of using external finance altogether." The Project Merlin agreement is not being repeated this year. Barclays PLC, the first of the big British banks to report annual earnings, said on Friday that it exceeded both of its Project Merlin targets with grossing lending to business of 43.6 billion pounds and 14.7 billion pounds to small and medium-sized enterprises.
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