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| Version 0 | Version 1 |
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| Business growth plan 'not enough' without bank help | Business growth plan 'not enough' without bank help |
| (about 7 hours later) | |
| The government's growth strategy will have little effect without the support of the banks, a report by MPs has said. | The government's growth strategy will have little effect without the support of the banks, a report by MPs has said. |
| It says deals already struck were a step in the right direction, but there are still no concrete signs business is getting the access to capital it needs. | It says deals already struck were a step in the right direction, but there are still no concrete signs business is getting the access to capital it needs. |
| The cross-party Business, Innovation and Skills Committee says the different proposals to promote growth do not add up to a "comprehensive strategy". | The cross-party Business, Innovation and Skills Committee says the different proposals to promote growth do not add up to a "comprehensive strategy". |
| Business Secretary Vince Cable says he accepts there is more to be done. | Business Secretary Vince Cable says he accepts there is more to be done. |
| The report is the committee's initial assessment of the government's plans to support UK industry and growth. | The report is the committee's initial assessment of the government's plans to support UK industry and growth. |
| The committee says the banks' role in providing finance to business is crucial to the success of the economy and a key theme in its report. | |
| "There is a gap between government rhetoric on economic growth and the Business Department delivery as yet in a number of areas," said Labour's Adrian Bailey, chairman of the committee. | |
| "And perhaps worryingly there's no measures of delivery... evidence that banks are lending more - both statistical and anecdotal from representatives from the business community. | |
| "Part of the problem is the lack of transparency [on lending targets]. There has to be evidence that net bank lending is increasing for small businesses. For that to be evident the banks and the government have to publish the figures that demonstrate that." | |
| Jury out | Jury out |
| "That, more than any government initiative, will drive the recovery." | "That, more than any government initiative, will drive the recovery." |
| The report says the government's Project Merlin agreement between it and the banks was a step in the right direction, but it had not solved the issue of lending and the "jury will remain out until it delivers real benefits to industry". | The report says the government's Project Merlin agreement between it and the banks was a step in the right direction, but it had not solved the issue of lending and the "jury will remain out until it delivers real benefits to industry". |
| The report says the government has no clear way of measuring the performance of its policies, and that a strong economy could hide its failures, while a poorly performing environment could risk overshadowing otherwise "excellent strategies or interventions". | The report says the government has no clear way of measuring the performance of its policies, and that a strong economy could hide its failures, while a poorly performing environment could risk overshadowing otherwise "excellent strategies or interventions". |
| Chairman of the committee Adrian Bailey says: "The department's focus on economic growth is welcome but warm words and aspirations are not enough. | Chairman of the committee Adrian Bailey says: "The department's focus on economic growth is welcome but warm words and aspirations are not enough. |
| "Unless the department develops detailed plans to help industry then this positive message will mean little to UK businesses." | "Unless the department develops detailed plans to help industry then this positive message will mean little to UK businesses." |
| Mr Cable says the government is on the right track, but added: "We know there is more to be done. | Mr Cable says the government is on the right track, but added: "We know there is more to be done. |
| "That's why we are currently working closely with business on the growth review to promote a new economic dynamism by removing barriers and putting the private sector first when it comes to decisions on tax, regulation and spending." | "That's why we are currently working closely with business on the growth review to promote a new economic dynamism by removing barriers and putting the private sector first when it comes to decisions on tax, regulation and spending." |