The government plan for a small business bank to make it easier for growing companies to gain access to finance could take “decades” to get right, the Association of Chartered Certified Accountants (ACCA) warned.
The planned business bank announced last week on the BBC’s Andrew Marr show by Chancellor George Osborne – is the latest in a sequence of government business banking initiatives to boost the faltering economy.
The new bank will aim to bring together the '”alphabet soup” of existing funding schemes available to small businesses, such as the Business Finance Partnership and Enterprise Capital Funds, which critics say are confusing and have had little impact.
ACCA gave the planned business bank a cautious welcome.
About Nick Huber
I’m a specialist business journalist and have a particular interest in tax and technology.