British Business Bank to be launched, says Cable

Vince Cable has announced today that £1bn in government funding will be provided for a state backed ‘British Business Bank’ to increase lending to SMEs.

The private sector will also contribute more than £1bn to the Bank. The Bank will then use existing government guarantee schemes to leverage up to £10bn in financial support to cash starved SMEs.

The British Business Bank will aim to help SMEs by ‘setting a positive and ambitions vision, built around long term investment and innovation, in skills and science.’

Cable believes that ‘Britain needs to get behind successful British-based firms in vehicles, aerospace, life sciences and creative industries and our world-class scientists and universities.’

About The Author