Funding for Lending ‘put on steroids’

The Funding for Lending Scheme is expected to be extended and “put on  steroids”, in an admission from the coalition that its flagship credit creation  programme is failing small businesses.George Osborne and senior Liberal Democrats want to see the scheme, unveiled  by the Treasury and the Bank of England last summer, extended beyond 2013 and  skewed towards business lending rather than mortgages.
Nick Clegg, the deputy prime minister, is determined that the programme be  pumped up and put “on steroids” following a slump in lending in the final three  months of the last year
“If the Funding for Lending Scheme drives down mortgages from 5 to 4 per cent  that does more for the macro economy than the SME sector, but the SMEs are a  politically important constituency.”

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