Yet another political announcement to show us all how the government is helping the banks to help the economy. The list is growing:
- £1 billion subsidy scheme to get young people jobs.
- Small Business Finance Scheme offering up to £1 billion of bank lending, guaranteed by the Government
- £1 billion guarantee facility to support bank lending to small exporters from the Export Credit Guarantee Department
- £50 million fund to convert businesses’ debt into equity
- £25 million regional loan transition fund to help businesses over the next six months.
BUT it’s not growth. It’s an allocation of money. Easy mistake.
(What about all the unemployed people who are over 24?)