Autumn Statement 2012: Osborne unveils £1bn ‘business bank'

Chancellor George Osborne has given small and medium sized businesses a much needed boost, unveiling government plans to form a ‘business bank'.

The government has set aside £1bn for the scheme, it confirmed today, as part of its latest plans to kick-start the economy. "The government is creating a business bank to transform the way the government delivers support to SMEs," said Osborne.  "It will deploy £1bn of additional capital to address structural gaps in the supply of finance to SMEs and stimulate the provision of long-term capital, including by leveraging in substantial private sector finance." In October, business secretary Vince Cable, outlined the government was putting money aside to launch a ‘business bank', wit...