Vince Cable’s speech on the government’s industrial strategy today is expected to signal the end of a ‘laissez-faire’ approach to business. But the Business Secretary appeared un peu trop détendu himself when describing plans for a state-backed business bank on the Today programme.
‘This is, as I say, something we’re discussing within government at the moment. There is a scope for example for rationalising our activities as well as new lending. But the scale and scope is something that I’m discussing with the Chancellor at the moment.’
There wasn’t much detail on offer, other than that this bank ‘may well’ involve state lending. But as Sam Coates points out this morning, a real bank would take years to set up.
Cable offered more clarity on what he thinks the state’s role in these matters is – as a ‘catalyst’ for improving the banking sector in a way that small ‘challenger banks’ cannot because of their limited access to capital.
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