Call for lender for industry

NEARLY three-quarters of manufacturers want the UK government to create a dedicated “industrial bank” to lend to their sector, according to a survey published today.

Half of industrial businesses questioned by accountancy firm BDO are worried bank funding alone won’t be enough to sustain the sector, pointing to the need for a dedicated lender.

Manufacturers want to see increased “patriotism”, with UK companies favoured when large public contracts are awarded, along with a focus on exports to fast-growing emerging markets such as Brazil, Russia, India and China (Bric) to reduce the UK’s reliance on the eurozone.

Calls for an industrial bank echo the launch in 1945 of the Industrial & Commercial Financial Corporation, which became private equity firm 3i.

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