Feeds

Vince Cable: Feel my mighty SME love

Pledges red-tape slashfest, bank-loan bonanza

Security for virtualized datacentres

New Coalition government biznovation minister Vince Cable has set out his stall in a speech given yesterday at a business school in London. He pledged to cut the red tape stifling small businesses, and said he would compel banks to lend to SMEs.

On the matter of red tape, here's what Mr Cable had to say:

I will take a tougher line on regulation, because I believe that often the most useful thing governments can do is simply to get out of the way. Every small business can tell a story of how they could do more and hire more people if they spent less time on form filling. Regulation is too often the creature of big businesses with the resources to handle it forcing out the small. The cost to business of regulation currently in the pipeline is around £20bn: far in excess of any direct help the Government does or can give.

Then, the new overlord of the Department for Business, Innovation and Skills went on to say that he wants banks to be much more timid when it comes to crazy international markets in highly structured paper - but much bolder when it comes to lending to small businesses here in the UK.

I will redouble our efforts to ensure that bank lending agreements from banks that have benefited from taxpayer subsidy are being honoured – especially for SMEs. We do not expect to see viable businesses deprived of credit or working capital by banks that are largely owned by the taxpayer, or the general beneficiaries of wider public support.

The banks claim that there is no demand. That is not right. If the bar is set too high, of course no one is willing to jump. The current risk aversion by banks in the SME sector will stifle recovery and, if it does, will actually rebound on the banks through bad debt.

"You may have noticed that I am not Peter Mandelson," added the minister. "For one thing, I am a better dancer." ®

Security for virtualized datacentres

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
Special pleading against mass surveillance won't help anyone
Protecting journalists alone won't protect their sources
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Apple's iPhone 6 first-day sales are MEANINGLESS, mutters analyst
Big weekend queues only represent fruity firm's supply
Radio hams can encrypt, in emergencies, says Ofcom
Consultation promises new spectrum and hints at relaxed licence conditions
Bill Gates, drugs and the internet: Top 10 Larry Ellison quotes
'I certainly never expected to become rich ... this is surreal'
Big Content Australia just blew a big hole in its credibility
AHEDA's research on average content prices did not expose methodology, so appears less than rigourous
EMC, HP blockbuster 'merger' shocker comes a cropper
Stand down, FTC... you can put your feet up for a bit
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
Saudi Petroleum chooses Tegile storage solution
A storage solution that addresses company growth and performance for business-critical applications of caseware archive and search along with other key operational systems.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
The next step in data security
With recent increased privacy concerns and computers becoming more powerful, the chance of hackers being able to crack smaller-sized RSA keys increases.