Cable’s plans get go-ahead

Michael Bow
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A LONG touted UK Business Bank to help to provide financing to small and medium sized firms is to launch in Autumn 2014 after the Treasury confirmed £1bn of funds for the venture.

The proposal, first announced in September by business secretary Vince Cable, will have a soft launch next Spring and will become fully operational as a bank in two years’ time.

Treasury documents show that it will be given £50m of capital in the 2013-14 financial year and a further £250m the year after.

The rest of the £1bn total will delivered over the next three years, though this could jeopardise the figure given the time period would extend until after the next election.