'Business bank' to boost lending

A new "business bank" is being set up to boost lending to small and medium-sized firms, the Business Secretary Vince Cable has announced to delegates at the Lib Dem party conference.

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BCC: New bank could boost UK competitiveness

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.

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