'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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Labour: Cable's bank needs Osborne's blessing

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.

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