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Vince Cable criticises business lending plan

Date Added: 05/10/2011  

A business lending plan unveiled by chancellor George Osborne this week at the Conservative Party Conference has been criticised by a major player in the coalition government.

Vince Cable stated that the proposals to introduce credit easing - which is the public sector buying bonds issued by companies - have a problem.

Speaking to the Sun, the business secretary stated the Project Merlin deal between the coalition government and the banks was set up in order to improve business lending.

He said: "But it was never going to be sufficient. I don't think any of us pretended it was enough."

"There is still a problem."

The Liberal Democrat MP was recently quoted by Reuters as saying the business lending situation is "urgent", which is why he will not be looking to found a new bank to improve conditions, due to the fact that this would take around two years.

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Posted by Michael Beam

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