- George Osborne announces plans for a small business bank
The ‘Small Business Bank’ will aim to gather all the government
help available for entrepreneurs and put it under one roof. This is
to simplify the current system, that sees numerous different
services being offered by a large number of bodies.
“The bank will bring together the alphabet soup of existing
schemes available to small businesses”, said Osborne. “The weakness
in our banking system is one of the biggest problems we’ve got.
Small businesses are the innocent victims of the financial
The new bank will be government-backed but will have a strong
private sector focus. The bank will not compete with high street
banks or take deposits.
Similar schemes are already in operation in the US, Germany and
Ireland and the British version will be based on these. The
Treasury is hoping it could form the basis for a small national
network and eventually be able to join forces with the private
sector in joint projects.
This news comes with a report today from the Global
Entrepreneurship Monitor programme which shows that over 20 per
cent of those who are of working age are planning to launch their
own business in the next three years.
A survey from mid-market private equity firm ECI, which shows
that sixty one percent of British SME’s are predicting double-digit
growth in the next year, should further boost the mood of UK
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