Vince Cable

If you attend conference regularly you may remember five years ago. We were interrupted by news of the collapse of a small bank in Newcastle. That was the beginning of a terrible economic storm which rages to this day. It has left behind broken banks, lower living standards, ballooning budget deficits, job insecurity and a sense of permanent crisis.

Business Secretary Vince Cable today announced the first steps in a government funded bank to help small and medium sized businesses.

The new bank will aim to attract private sector funding so that when fully operational, it could support up to £10 billion of new and additional business lending.

The Government will build a single institution that will address long-standing, structural gaps in the supply of finance, identified in Tim Breedon's report on non-bank finance.

Last Weeks's package comes in response to calls from business to simplify and speed up the process of ending the employment relationship when it breaks down, for the benefit of both employers and employees.

Vince Cable yesterday set out his vision for the future of British Industry, looking at where the UK has a competitive advantage now, and where it can build on that in the next twenty years.

He outlined his plans in a speech to business leaders and committed to a long term, strategic partnership between Government and industry, that will give businesses clarity about where the Government will be concentrating its efforts.

Speaking at Imperial College, London, Business Secretary Vince Cable said:

"Government makes decisions every day that affect the British economy, but has for too long done this in an ad hoc way. Government needs to be more like business, by making strategic plans and sticking to them.

"Our first part of that plan is lifting the barrier that poor access to finance puts on growth. By helping firms to invest capital, businesses expand, and create jobs.

"But I am also setting out a clear and ambitious vision, a commitment far beyond the usual political timescale that will continue to bear fruit decades later. It will give our businesses certainty, allow them to make their own plans, and know that the full weight of Government is behind them. We will work in a strategic partnership with industry, focusing our support on specific sectors. This is our commitment to growth in action."

The speech sets out a number of other actions including:

The week is on track to be the biggest Apprenticeship Week to-date, with over 500 events across the country celebrating the countless achievements of learners and employers.

The official launch event, held at Channel 4 in London, will be attended by apprentices and representatives from the creative industries.

The Offshore Renewable Energy Catapult will be headquartered at the University of Strathclyde in Glasgow with an operational centre at the National Renewable Energy Centre (Narec) in the North East of England.

The new Connected Digital Economy Catapult centre will be a hub for the best innovations in the digital sector, focusing on where new advances can be made in areas such as: