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Cable wins backing for £1bn business boost

By Western Morning News  |  Posted: September 24, 2012

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A new "business bank" will be handed £1 billion of taxpayers' money in a bid to kick-start lending to small and medium-sized British firms, Business Secretary Vince Cable will announce to conference today.

The Liberal Democrat minister has secured Treasury approval to set up the new arm's-length institution with the aim of opening up £10 billion of finance.

But details about where the money will come from and precise details of the bank's operation will not be made public until Chancellor George Osborne makes his autumn statement on December 5, officials said.

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