Responding to plans announced today (Monday) by the
Business Secretary for a new state investment bank, TUC General Secretary
Brendan Barber (pictured, above) said:
"The new state investment bank should provide much
needed support for businesses to grow and create jobs. It's a shame that so
many businesses have gone to the wall in the two years it's taken the
government to agree to the scheme.
"Ministers claim that a £1 billion investment could
support £10 billion of business lending. But with the UK trapped in double dip
recession, this is nowhere near enough to deal with the scale of our economic
crisis.
"If this bank is as good as ministers claim it will
be, they should give it the backing it deserves and vastly increase its funds.
Multiplying the government's stake tenfold could support £100 billion of
additional lending. This is the level of support businesses really need."
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