Osborne Unveils £80bn Scheme to Boost Businesses and Create New Jobs
The Government will enable businesses across Britain to access more and cheaper loans which will boost the economy and create new jobs, the BBC has reported.
Chancellor George Osborne announced the new £ 80 billion scheme, describing it as “a huge help for the British economy” which will give businesses the confidence to grow.
Under the Funding for Lending Scheme British banks will be able to lend money to businesses at a low interest rate, enabling the expansion of smaller businesses and the creation of new employment opportunities.
The Chancellor said: “Today’s announcement aims to make mortgages and loans cheaper and more easily available, providing welcome support to businesses that want to expand and families aspiring to own their home.”
Mr Osborne added the initiative would “inject new confidence into our financial system and support the flow of credit to where it is needed in the real economy – showing that we are not powerless to act in the face of the Eurozone debt storm”.
Welcoming the government’s announcement Director-General at the CBI, John Cridland, said: “This new scheme should provide a real incentive for banks and building societies to increase their lending to businesses and individuals, if possible at lower rates of interest.”
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Posted on July 16, 2012, in Affordable housing, BBC, Building Construction Industry, Building Engineering Sector, Business, Construction, construction jobs, construction news, Employment, Government, Housing Scheme, Infrastructure, Osborne, Politics, t4ts, train4tradeskills, Train4TradeSkills News, UK Economy and tagged Bank of England, BBC, British banks, building firms, Business, business confidence, business lending, CBI Director-General, Chancellor, Cheaper loan rates for businesses, economic boost, Economic growth, employment opportunities, Eurozone, Funding for Lending, George Osborne, Government, houses, Investment scheme, Loan, low-cost funds, mortgages, new homes, returning confidence, t4ts news, train4tradeskills, train4tradeskills news. Bookmark the permalink. Leave a Comment.