Bank Lending

Part of Oral Answers to Questions — Treasury – in the House of Commons at 11:30 am on 25 June 2013.

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Photo of George Osborne George Osborne The Chancellor of the Exchequer 11:30, 25 June 2013

The business bank, which was established last year, is now making loans to the funds that will lend to small businesses, creating non-bank lending channels. [Interruption.] There was no business bank under the Labour Government. I will tell the House what we had instead: we had a socking great banking crash under the Labour Government, and the person sitting opposite, the shadow Chancellor, was City Minister when it happened. We are cleaning up the mess from one of the biggest financial crises in the country’s history by ensuring that it never happens again.