A new “business bank” is being set adult to boost lending to tiny and medium-sized firms, Business Secretary Vince Cable has announced.
The plan, billed by a Lib Dems as a “big win” for Mr Cable, will see £1bn of taxpayers’ income chanelled into a new initiative.
The Treasury has given a subsidy to a pierce in that a new arms-length establishment will aim to open adult £10bn of finance.
The state cash, that it is hoped will be matched or exceeded by private money, will come from existent budgets and will not need additional borrowing.
But sum about where a income will come from and accurate sum about a bank will not be done open until a Autumn Statement on Dec 5.
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