Chuka Umunna MP, Labour’s Shadow Business Secretary, commenting ahead of an expected announcement on the business bank, said:

“The Tory-led Government has failed to get lending going to businesses, in particular smaller firms, with business lending falling by more than £12 billion in the last year.

“Now into their fourth year in office, scheme after scheme trumpeted by Ministers has failed to significantly improve access to finance for our wealth creators. Whether moving the so-called business bank, which up until now has been little more than a re-badging of existing schemes and a renamed desk of civil servants, to Sheffield will make a difference remains to be seen.

“Labour is backing plans for a proper British Investment Bank supported by a network of regional and local banks so that firms across Britain can get the finance they need to invest and grow.”