Friday, 23 September 2011

Banking reform is a LibDem priority

According to Bank of England statistics [FT 17 Sep 11] lending from UK Banks to private sector businesses has dropped by £64bn since Sept 2008. SMEs have been particularly hard hit. Governments are rightly criticised for trying to micro manage but what can they do when a British based entrepreneur, who has won a contract to provide hydroelectric power to Windsor Castle, cannot find a bank willing to lend the money to get the turbines built in Britain? He's had to get them from Holland.[Observer 11 Sep 2011]

Meanwhile the Federation of Small Businesses has launched a campaign setting out six steps to help real life entrepreneurs. Vince Cable's Department has responded: " The Government is committed to creating the long term environment to help people start & grow a business. We announced measures in March 2011 to transform the enterprise experience of schoolchildren and students and we are transforming business support ". Labour's Ed Balls, leading as usual firmly from the rear, calls for [Blackpool Gazette 23 Sept 2011] children to be given compulsory lessons in finance. Some Primary schools have been doing that for years. Even the normally LibDem bashing Nick Cohen [Observer 9th September 2011] comments that 'Ball's inability to learn from the past has left the Liberal Democrats as the only political party campaigning for banking reform'.

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