Lib Dem leader Nick Clegg proposes ‘government bank’

From the BBC:

The government should consider lending directly to businesses and mortgages as banks fail to live up to promises to lend more, Nick Clegg has suggested.

The Lib Dem leader says the government has been “supine” and “weak” in not forcing banks to act, despite giving them billions of taxpayers’ pounds.

Mr Clegg said these were “not normal times” and solvent businesses were being put at risk by lack of funding.

There was “growing public anger” and urgent action was needed, he added.

Mr Clegg says the government should lend directly to companies through the Post Office, local authorities or even by creating an entirely new bank.

You can read the full story here.

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