Cable promises £1bn 'business bank'

The government is to put £1bn into setting up a bank designed to increase the amount of lending to businesses, Vince Cable has announced.

The business secretary told the Liberal Democrat conference this will help many small and medium-sized companies who have struggled for credit since the financial crisis.

Mr Cable also promised a more coherent strategy to help get the UK out of recession.

He said: "We need a new British Business Bank with a clean balance sheet and an ability to expand lending rapidly to the manufacturers, exporters and high-growth companies that power our economy".

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