- 17 updates
Vince Cable explains how the new state-run business bank will help small businesses get back on track, while ITV News Political Correspondent Alex Forrest examines the reaction to the Business Secretary's plans from a small firm's perspective.
Vince Cable's plans for a business bank in the UK have been labelled "risky and incoherent" by the Institute of Economic Affairs. Mark Littlewood, Director General said:
Liberal Democrat leader Nick Clegg and his Business Secretary Vince Cable presented a united front and a new policy idea at the party conference this morning. Vince Cable said:
"We need a new British business bank with a clean balance sheet and an ability to extend lending rapidly to the manufacturers, the exporters, the high growth companies that power our economy and I can announce to you today that we have one." ITV Political Correspondent Alex Forrest reports:
Labour's Shadow Business Secretary Chuka Ummunna criticised Vince Cable's plans for a business bank in the UK, saying it was unlikely to happen because the Treasury do not back the idea. He said:
The Director General of the British Chambers of Commerce welcomed Vince Cable's plans for a business bank for the UK. John Longworth said:
Responding to plans announced by the Business Secretary for a new state investment bank, TUC General Secretary Brendan Barber said:
The Director-General of the CBI, John Cridland, welcomed the government's new business bank, but said it was vital the bank was up and running as quickly as possible.
Small businesses on the verge of expansion say their potential is being stifled by banks' refusal to lend, according to a new study by Funding Circle:
Business leaders reported they would hire more than 500,000 more staff if they could get more cash from high street banks. Funding Circle CEO Semir Desai said:
Latest ITV News reports
Now the Business Secretary has spoken we still don't have much more detail on how the bank of Vince would actually work in practice.
Nick Clegg's poor decision making has left the public baffled as to the role of his party in government. But he is not finished yet.