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:
Vince Cable will not be able to set up a business bank without the unequivocal backing of George Osborne, and already the Treasury is briefing that this bank is a non-starter. This is yet another Government policy thrown into uncertainty by bickering in Government before it has even got off the ground.
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.