Commenting on reports that Vince Cable is set to announce further details of the government’s business bank, Shadow Business Secretary Chuka Umunna MP said:
"Labour has led calls for a British Investment Bank. It comes as a great disappointment to businesses that ministers have wasted more than two years before thinking about a business bank and yet we are still waiting for the details.
"They promised Project Merlin and credit easing would get lending going to profitable businesses unable to access finance, but both schemes failed, and the Funding for Lending scheme still isn't delivering the goods.
“This week we learned that lending under the Enterprise Finance Guarantee scheme is well below a third of the total of what it was in 2009-10, while net lending to businesses has fallen by has fallen by £13.5 billion over the past year. This is the reality of the government's record."