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News Article

'State bank' will help small businesses

Published 11 September 2012 by

Since the country went back into recession, pressure has been on the Government to take action that will stimulate growth in the economy. Today, Business Secretary Vince Cable will reveal how the government intends to help small businesses to grow.

The Liberal Democrat Minister will reveal plans for a government-backed small-business bank in a speech at Imperial College in London today.

Small businesses often need capital, but some figures suggest that in the last 12 months, around a third of the small businesses that applied for loans were turned down. Vince Cable will acknowledge the 'real issues' that small businesses face in the current climate in his speech today.

We could see changes to employment law too, making it easier for small business owners to fire 'underperforming' staff. The Tory side of the coalition feels that small businesses may not hire people because of concern about the cost of dismissing employees that don't perform well.

Mr Fallon, who was appointed to the business department by David Cameron last week, commented that the nature of hiring and firing people and the cost of employment tribunals is 'burdensome' to small businesses.