Chuka Umunna MP, Labour’s Shadow Business Secretary, responding to the Government’s announcement of the ‘Help to Grow’ business finance scheme, said:

“This is yet another announcement from a Prime Minister who has  failed to get the banks lending to our small businesses.

“Government scheme after government scheme, from Project Merlin to Funding for Lending has failed. And net lending to small and medium sized businesses fell by £1 billion in the last quarter. Yet the Tories have continued to oppose Labour’s plans for a proper British Investment Bank supported by a regional network.

“Where the Tory-led Government has failed to act to support small firms, the next Labour Government will, because Labour understands that Britain only succeeds when businesses of all sizes succeed and can access the finance they need.”