In the last FOUR YEARS, the British taxpayer bailed-out the banks and insured them against failing and the government has TALKED about reorganising them. It has also TALKED about excessive bank profits and bonuses.
So it is only natural that as the banks are busy “rebuilding their Balance Sheets” – which is already one of the longest construction jobs on record, the UK Government undertakes to lend more TAXPAYERS CASH to Small and Medium Enterprises. (THIS time, £1 BILLION is the headline figure.)
Meanwhile, during this recession-without-end, Banks are booking profits at pre-banking-crisis levels!
….and how will this cash be distributed to SMEs?
Through “intermediaries” and small banks…..although the Business Secretary is still a bit light on detail. That signals MORE meetings, MORE forms, MORE reorganisation, MORE training, MORE Treasury Select Committee…etc.
You know the drill.
….and by the way, it is no coincidence that Vince Cable has been allowed to announce this latest initiative during the Libdem Conference.
p.s. How many more businesses will go to the wall while the politicians continue to meet, ruminate and pronounce?