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'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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Cable: We need a new bank with a clean balance sheet

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:

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