Cable’s bank needs ‘vision and scale’

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INDUSTRY leaders today welcomed the first round of investment from the UK government’s new business bank.

Some £300 million is to be offered alongside cash from private investors to address gaps in the finance market for small and medium-sized enterprises.

It marks the first deployment from the £1 billion of capital allocated to the bank in the 2012 autumn statement.

Alex Jackman, head of policy at the Forum of Private Business, said: “There’s no doubt the money is desperately needed in the economy … so we urge the government to get the cash out to where it’s needed most, by working with organisations to ensure bids are successful.”

Adam Marshall, policy director at the British Chambers of Commerce, added: “Vince Cable is right to say that the creation of a fully-fledged business bank is a long-term project. However, for [it] to be a game-changer, it urgently requires vision and scale.”