The Director General of the British Chambers of Commerce welcomed Vince Cable's plans for a business bank for the UK. John Longworth said:
The business bank announced by Vince Cable could be one of the lasting legacies of this government, and a key pillar of UK competitiveness in the years to come. While a £1bn commitment is an important first step, Whitehall must ensure that the business bank gets off the ground with an independent mandate and a mission to support growing companies.
Vince Cable has listened to business' plea for greater long-term thinking in policy-making, and has set out some sensible steps that could help to improve the business environment in the UK. His proposals around industrial strategy could help move Britain toward a new model economy.
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.
The Business Secretary wants to set up a 'bank' to try to crack the problem that has become very acute for many firms - access to finance.