vince cable

Government to Force Banks to Forward Small Businesses to Alternative Finance Providers

George Osborne and Vince Cable are preparing to push through legislation that will force high-street banks to automatically send small businesses rejected for loans to alternative funding companies. According to the Telegraph the legislation, which is to be included in the Queen’s speech on June 4, is designed to change the bank’s dominant position in small business lending and boost the role of alternative finance, such as crowdfunding and peer-to-peer lending. Osborne made it clear in his 2014 budget speech that small and mid-sized businesses will play a vital role in the economy’s future and the treasury feel that banks’ dominance is having a negative effect on the growth of this sector. According to the Telegraph the chancellor and other key government members are determined to passing... »

New Rules to Cut Red Tape and Bureaucracy

The Business Secretary, Vince Cable, today announced a comprehensive package of measures to support the Government’s drive to tackle unnecessary government interference and red tape. The measures will help transform the relationship between people and government by changing how regulations are drawn up, introduced and implemented. People are already being encouraged by the Government to nominate laws or regulations they want to see scrapped (see SMEs get the chance to question unpopular laws), and today’s announcement means that government interference in businesses and third sector organisations will have to meet much more rigorous tests before being introduced. From the 1st September, a ‘groundbreaking’ new One-in, One-out system will begin. When Ministers seek to introduce n... »

Cable Looks to Boost Small Business Lending

Cable Looks to Boost Small Business Lending

Financing a Private Sector Recovery In an attempt to increase lending to small business the Business Secretary, Vince Cable, has been criticial of banking institutions by saying that banks are "…not acting in the national interest. I don’t think they get it." Mr Cable has suggested that there may need to be a "carrot and stick" approach to bank dividends and bonuses. In a report released today Financing a Private Sector Recovery, HM Treasury and the Department for Business Innovation and Skills (BIS) put forward the case for "sustainable and secure sources of finance for investment". Both Vince Cable and The Chancellor of the Exchequer, George Osborne, acknowledge the importance of UK SMEs as the focus for this finance drive by stating that: &ldquo... »

Red Tape

Red Tape Cutting Committee Meets for First Time

A tough new Cabinet committee with the job of reducing the heavy burden of red tape on business, which is chaired by Business Secretary Vince Cable, met for the first time today. As the Deputy Prime Minister launched the Your Freedom campaign to change the balance of power away from the state, the Reducing Regulation Committee discussed its fundamentally different approach to regulation and began its major review of all regulations in the pipeline inherited from the last Government. The Committee, which includes Chief Secretary to the Treasury Danny Alexander and Cabinet Office minister Francis Maude, will ensure that there is a robust case for any new regulations. It has the unprecedented power to send burdensome red tape back to Departments and also guarantees that all other options have... »