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Monday, September 24, 2012

Vince Cable: team player

Vince Cable's speech to Conference was vintage Vince. We would expect nothing less. It was authoritative, measured and just a little mischievious. But at heart Vince is a team player and, with just one small lapse involving an ad lib and the word pleb, he stayed on message.

The most significant part of the speech however was the much-trailed announcement that he has secured £1 billion of funding for a new business bank that will be set up using public money so as to support small and medium sized businesses.

The Telegraph reports that it is hoped the new bank, which will use the funds to lend up to £10 billion to companies, will “break the stranglehold” of the high street banks, which are often blamed for thwarting the economic recovery by refusing to lend.

Mr Cable wants to encourage entrepreneurs to “make things” rather than basing the economy on the mirage of “property speculation and financial gambling”.

He claims the business bank will be a “lasting monument” underlining the need for fundamental reform of the banking system in the wake of the credit crisis.

There have been widespread complaints from small and medium-sized firms that banks are blocking access to finance and hindering their ability to expand.

The new business bank – which will effectively fund new “challenger” banks and other financial institutions who will then lend to small firms – will form the centrepiece of the Government’s new economic regeneration plans to be set out in the autumn. Senior Coalition figures describe the emerging package as “plan A plus, plus”.

This really could be a game changer with regards to the economy.
I thought the scenario shown on In the thick of it was a much more convincing version.
Is that the best you have got?
Vince Cable is SPOT ON HERE. The UK economy needs sensible policies to rebuild its economy.

Helping small businesses/start-ups by providing loans that make sense for the economy is the way to go.

I found it easy to start a small business - but some 3,000 miles or so away in Washington!

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