Harnett Accountants Putney – Cable Confirms Business Bank

Key Considerations

“The government is moving ahead with plans for a government-backed “business bank” to boost lending to UK companies.

The business secretary, Vince Cable, said he hoped such a bank would “shake up the market” and help boost overall lending to firms.

Existing government schemes such as the regional growth fund have been criticised for not lending allocated funds to businesses fast enough. The UK economy has been stifled, and a low level and relatively high cost of borrowing is one factor which has squeezed UK businesses.

To date there have been several government schemes to increase lending to businesses, or to offer them tax relief, but they have all been run by different organisations and in different ways, and this has led to a lot of confusion for UK businesses (particularly amongst SME’s) over which finance and tax relief schemes they are actually eligible for.

Details of the business bank are yet to be revealed, but the overall objective is to unite all of the various schemes and incentives under one roof to boost lending to UK businesses and make information clearer and more accessible.

If you need help or advice identifying which finance schemes or tax relief incentives your business qualifies for, please contact Harnett Accountants Putney, and we will arrange a free, one hour, no obligation consultation. You can contact us through our website or on 020 8977 3883. Also you can . Additionally, you can keep reading our daily blogs.