Michael Murray: More funding for SMEs is vital, both for a recovery in the domestic economy and for healthy banks

Three weeks ago, Professor Morgan Kelly warned that the problems of SMEs and their burden of borrowing were a potential threat to a sustained recovery in the domestic economy. Writing in this column subsequently, I expressed the view that, on this occasion, he might be wrong. But all the way back a decade ago, he was reviled for saying what many people privately knew to be right about the overblown housing market.

But ...