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Vince Cable MP

Business Secretary

Green Box: Vince CableClick to open

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  • = Key Development Thursday 18th December
  • 15:09 Chris Blackhurst: What Lord Myners tells us about the Royal Mail sell-off shows just how good the City is at looking after itself News

    Opinion | The Independent source icon

    This is a report that leaves a very nasty taste Continue to article

  • 13:26 SNP: Report shows Royal Mail undervalued in botched sell-off Press Release

    13:26| Press Release

    SNP press release In a report out today the former Business Minister Lord Myners has suggested that there was a £180 million shortfall in the sale of Royal Mail last year as the shares could have been sold for 30p more per share – but we... Continue to article

  • 12:52 CWU: Myners report ‘cover-up’ Press Release

    12:52| Press Release

    Communication Workers Union press release A government-commissioned report about last year’s privatisation of Royal Mail has been branded a “cover-up” today (Thursday) by the Communication Workers Union (CWU). The report, commissioned ... Continue to article

  • 12:17 Chuka Umunna: Taxpayers were disgracefully short-changed by the sale of Royal Mail On air

    On Air | Chuka Umunna MP | Shadow Business Secretary | BBC News Video Chuka Umunna MP

    Chuka Umunna accused the Government of doing a “rush job” on the sale of Royal Mail.  “There was no need to do the rush job that the Government did. There was no need for them to go ahead and sell Royal Mail when they did. They were the ... Continue to article

  • 11:29 Story (13 links): Clegg defends Cable over Royal Mail sale

    PoliticsHome Clegg defends Cable over Royal Mail sale Story View links

    Vince Cable "struck the right balance" when setting the price of Royal Mail shares prior to its sell-off by the Government, Nick Clegg has insisted.

    The Government sold 60% of the company at 330p a share in October 2013, raising almost £2bn, but MPs subsequently suggested the deal could have seen taxpayers short-changed by up to £1bn.

    But the Deputy Prime Minister said a report by former City minister Lord Myners released today showed the Business Secretary had been wise to exercise caution over the valuation.

    "Let’s remember what this report says, he says that it was done professionally, done well, mindful of the public interest, getting the right value for taxpayers," Mr Clegg said on his weekly LBC radio phone-in.

    "People said 'oh, it’s been undervalued by £1bn'. Actually, it was sold at £2bn and you could have possibly got £180m more – a much, much smaller amount than people were suggesting, but you couldn’t have done that without taking additional risks."

    Lord Myners said this morning that while it was "possible" for Royal Mail to have been sold "for 20p or 30p more a share," this would have added "considerable risk into the transaction".

    "Actually, it was on balance a well-executed, complex exercise," he told the Today programme.

    "The Government managed to achieve its objective: privatising the Royal Mail, exposing it to market discipline and importantly access to private capital should it require further capital in the future."

    Dr Cable, who commissioned the report, welcomed its insights, saying: “Any decision to try to have priced the shares higher would have been risky. We were right not to take that risk.”

     

  • 10:30 Labour: Today’s Government-commissioned report confirms Minsters could have secured a higher price for the sale of Royal Mail Press Release

    10:30| Press Release

    Labour press release Chuka Umunna MP, Labour’s Shadow Business Secretary, commenting on the BIS-commissioned report on Government asset sales following the privatisation of Royal Mail chaired by Lord Myners, said: “This Government-comm... Continue to article

  • 10:24 Jonathan Guthrie: Royal Mail’s red herrings (£) News

    Opinion | The Financial Times source icon

    Lord Myners’ push to shake-up initial public offerings may need a shove Continue to article

  • 08:10 Lord Myners: Better share price could have been achieved in Royal Mail sell-off On air

    On Air | Lord Myners | Former City minister | Today, BBC Radio 4 Video Lord Myners

    Lord Myners said the Government could have achieved a higher share price in its sale of Royal Mail, but added that the priority had been to secure successful privatisation.   “Actually it was on balance a well-executed, complex exercise.... Continue to article

  • = Key Development Wednesday 17th December
  • 10:44 Unemployment falls again but more to be done – Vince Cable Press Release

    10:44| Press Release

    A press release from the Liberal Democrats:   Unemployment falls again but more to be done – Vince Cable Vince Cable today welcomes a “remarkable set of labour market figures” but said there was still more to be done. ONS figures ou... Continue to article

  • = Key Development Sunday 14th December
  • 09:50 Vince Cable: Torture allegations undermine our civilised society On air

    On Air | Vince Cable MP | Business Secretary | The Andrew Marr Show, BBC One Video Vince Cable MP

    Vince Cable said that the allegations of British involvement in torture were “appalling”. “I certainly don’t rule out [a judge-led inquiry]. At the moment we’ve got several inquiries taking place at the same time. The police are looking ... Continue to article

  • = Key Development Tuesday 9th December
  • 08:18 Story (3 links): Govt reach 2m apprenticeship mark

    PoliticsHome Govt reach 2m apprenticeship mark Story View links

    The Business Secretary will today announce that the Government has reached its target of creating two million apprenticeships within the parliament.

    At an event in Oxford, Vince Cable will say: “Apprenticeships are the ticket to a great job and a route employers trust to access the skills they need.”

    Skills Minister Nick Boles insisted it was “just the start” and wanted to “see employers making apprenticeships a key part of their strategies for growth”.

    Meanwhile, the latest data from Visa Europe has found consumer spending rose 2% in November, compared to a year earlier.

  • = Key Development Monday 8th December
  • 13:13 In Brief Events

    13:13 | Events | PoliticsHome Events

    Prime Minister David Cameron visits Turkey Health Secretary Jeremy Hunt (4:00pm) and shadow health secretary Andy Burnham (12:30pm) speak at the Britain against cancer conference (Central Hall, Westminster) Energy Secretary Ed Davey a... Continue to article

  • = Key Development Sunday 7th December
  • 10:47 Damian Green: I don't see the additional value in state money for food banks On air

    On Air | Damian Green MP | Conservative MP | Murnaghan, Sky News Video Damian Green MP

    Damian Green said he didn't see the value in the state providing funding for good banks, and described the Archbishop of Canterbury's proposals as "nationalisation". "I don’t mind church leaders intervening in political issues as long as... Continue to article

  • = Key Development Friday 5th December
  • 16:29 In Brief Events

    16:29 | Events | PoliticsHome Events

    Prime Minister David Cameron hosts a Downing Street event on coding and has announced plans for maths and science in schools Leader of the Opposition Ed Miliband participates in a Leaders Live online debate with young people (5:30pm) ... Continue to article

  • = Key Development Thursday 4th December
  • 17:08 Story (11 links): Clegg explains Autumn Statement absence

    PoliticsHome Clegg explains Autumn Statement absence Story View links

    Nick Clegg has downplayed his absence from yesterday’s Autumn Statement amid heightening tensions between the two parties of the Coalition.

    The Deputy Prime Minister decided not to attend the Chancellor’s speech outlining spending and tax plans, instead going to Cornwall.

    “The reason I wasn’t there… I had a choice: did I listen to Ed Balls in the House of Commons or did I actually go out and talk to normal people?” he told his LBC phone-in show.

    The Daily Telegraph had reported a source saying his absence was because he “doesn’t want to sit next to David Cameron or George Osborne”.

    The Lib Dem leader also distanced himself from Vince Cable’s attack on the Conservative party.

    Mr Clegg said he was “proud” of yesterday’s announcements, describing it as a “Liberal Democrat Autumn Statement as much as anything else”.

    Dr Cable accused the Tories of trying to balance the books “brutally” and has written to the Office for Budget Responsibility to demand it sets out the differences between Tory and Liberal Democrat plans.

    The Business Secretary yesterday implied that the Treasury has not been honest enough about the impact of future spending cuts.

    George Osborne hit back at the criticism of him emerging from Liberal Democrats.

    “In private, they sign up to all these decisions and then in public they slag them off. But that’s for them to explain to you,” he said on Sky News. 

  • 15:36 Nick Clegg tweets: Out and about in Cornwall with Dan Rogerson MP announcing funding to improve to coastal path

    Twitter | Nick Clegg Twitter source icon

  • 10:33 DPM: Deputy Prime Minister commits millions for coastal paths Press Release

    10:33| Press Release

    DPM press release More than £5.3m committed on visit to Port Gaverne Today the Deputy Prime Minister confirmed extra funding to speed up the completion of coastal paths around England on a visit to Port Gaverne in Cornwall. The cash... Continue to article

  • 10:11 Nick Clegg: I missed the Autumn Statement because I was in Cornwall On air

    On Air | Nick Clegg MP | Deputy PM and Lib Dem leader | Call Clegg, LBC Radio Video Nick Clegg MP

    Nick Clegg said he didn’t attend yesterday’s Autumn Statement because he chose instead to “go out and talk to normal people” in Cornwall.   “The reason I wasn’t is I had a choice. Look, I have been doing these autumn statements and budge... Continue to article

  • = Key Development Wednesday 3rd December
  • 15:23 Vince Cable: Lib Dems will take into account stamp duty reforms regarding the mansion tax On air

    On Air | Vince Cable MP | Business Secretary | BBC News Video Vince Cable MP

    Vince Cable said stamp duty reforms could change the Liberal Democrats' approach to the mansion tax. "The stamp duty reforms are very good, they will help young people trying to get into the market for the first time for whom stamp duty ... Continue to article

  • = Key Development Monday 1st December
  • 16:30 Cable hints at crackdown on arms traders PoliticsHome News

    Cable hints at crackdown on arms traders PoliticsHome News

    Vince Cable has said he would consider a change in the law to prevent torture weapons being advertised for sale at arms fairs in the UK. The Business Secretary said there was a case for reviewing legislation to ensure that firms promotin... Continue to article

  • = Key Development Friday 28th November
  • 18:06 House of Commons Business Commons Business

    18:06 | Commons Business | PoliticsHome Commons Business

    COMMONS CHAMBER 2:30pm: Education questions (topicals at 3:15pm) Main business Criminal Justice and Courts Bill: Consideration of Lords amendments Political and Constitutional Reform Committee, Administration Committee, Science a... Continue to article

  • = Key Development Thursday 27th November
  • 20:00 Ed masters discipline The House Magazine

    20:00 | The House Magazine | PoliticsHome The House Magazine Ed masters discipline

      Words: Paul Waugh Photos: Paul Heartfield     Ed Balls is feeling the pressure. In just a few days, he faces yet another big test of his ability, with huge amounts at stake if he fails. But it’s not the Autumn Statement tha... Continue to article

  • = Key Development Thursday 20th November
  • 12:57 Vince Cable: Incompetence is to blame for RBS IT failures On air

    On Air | Vince Cable MP | Business Secretary | Sky News Video Vince Cable MP

    Vince Cable said computer system failures at RBS were a result of bad behaviour and bad management.   “This one is incompetence rather than misconduct. It has been disastrous for numerous households who have had to get compensation. Unfo... Continue to article

  • 09:32 Cable and Davies clash over ethnic diversity in boardrooms House of Commons

    Cable and Davies clash over ethnic diversity in boardrooms House of Commons

    The Conservatives and the Lib Dems have clashed over the issue of ethnic diversity in boardrooms, with the Business Secretary hinting that a Tory opponent to his campaign to improve representation may be against equality altogether. Phil... Continue to article

  • = Key Development Monday 17th November
  • 17:17 In Brief Events

    17:17 | Events | PoliticsHome Events

    Chancellor George Osborne speaks at the Newspaper Conference’s annual lunch in London Health Secretary Jeremy Hunt speaks at the Foundation Trust Network conference in Liverpool (2:00pm) Business Secretary Vince Cable speaks at the As... Continue to article

  • = Key Development Thursday 6th November
  • 10:09 Vince Cable: Public needs reassurance on fuel prices On air

    On Air | Vince Cable MP | Business Secretary | Sky News Video Vince Cable MP

    Vince Cable backed his Lib Dem Cabinet colleague Danny Alexander’s call for petrol and diesel distributors to pass on the falls in oil prices to consumers. “It’s the right thing to do. There is a lot of public cynicism that when world oi... Continue to article

  • 10:09 Vince Cable: Public needs reassurance on fuel prices On air

    On Air | Vince Cable MP | Business Secretary | Sky News Video Vince Cable MP

    Vince Cable backed his Lib Dem Cabinet colleague Danny Alexander’s call for petrol and diesel distributors to pass on the falls in oil prices to consumers. “It’s the right thing to do. There is a lot of public cynicism that when world oi... Continue to article

  • = Key Development Tuesday 4th November
  • 14:24 Vince Cable: Cost implications of holiday pay ruling are exaggerated On air

    On Air | Vince Cable MP | Business Secretary | Sky News Video Vince Cable MP

    Following a ruling by an employment tribunal that voluntary overtime should count towards holiday pay, Vince Cable said the cost implications may have been exaggerated.   “I don’t think anybody should be jumping to conclusions because th... Continue to article

  • = Key Development Thursday 30th October
  • 20:00 2020 Vision The House Magazine

    20:00 | The House Magazine | PoliticsHome The House Magazine 2020 Vision

    Words: Paul Waugh Photos: Paul Heartfield    My eyesight has been improving,” says Danny Alexander. “They say you get more long-sighted as you get older, and I was slightly short-sighted to start with. So maybe that process has del... Continue to article

  • = Key Development Tuesday 28th October
  • 17:33 Vince Cable: We don't want banks to leave communities and individuals isolated On air

    On Air | Vince Cable MP | Business Secretary | PM, BBC Radio 4 Video Vince Cable MP

    Vince Cable stressed the role of physical bank branches in spite of the rise of the internet, and confirmed he would be writing to banks asking them to voluntarily commit to keeping branches open in towns with one remaining bank. "If you... Continue to article

  • = Key Development Monday 27th October
  • 15:13 In Brief Events

    15:13 | Events | PoliticsHome Events

    Prime Minister David Cameron meets with the Emir of Qatar Sheikh Tamim bin Hamad Al Thani Leader of the Opposition Ed Miliband, Education Secretary Nicky Morgan, Business Secretary Vince Cable, Leader of the House of Commons William Hagu... Continue to article

  • = Key Development Wednesday 22nd October
  • 12:13 Transcript: Arms Export Committee: Letter to Vince Cable re tear gas to Hong Kong Transcripts

    Arms Export Committee: Letter to Vince Cable re tear gas to Hong Kong Transcripts

    Committees on Arms Exports Letter to Vince Cable re tear gas to Hong Kong Continue to article

  • = Key Development Monday 20th October
  • 08:40 Vince Cable: EU migrant cap almost definitely illegal On air

    On Air | Vince Cable MP | Business Secretary | Today, BBC Radio 4 Video Vince Cable MP

    Vince Cable said moves to cap the number of Europeans immigrants coming to the UK were "almost definitely" illegal.  "I do agree [with Jose Manuel Barroso], and it’s very much in British interests, and it’s very much in the interest of t... Continue to article

  • = Key Development Thursday 16th October
  • 20:00 The place race The House Magazine

    20:00 | The House Magazine | PoliticsHome The House Magazine The place race

      Words: Paul Waugh Photos: Paul Heartfield      “To Turbo Fizzle…best wishes…Charles”.  Greg Clark is holding a signed photo of a Space Shuttle astronaut and beaming at the personal dedication. But the portrait from Comma... Continue to article

  • = Key Development Wednesday 8th October
  • 15:22 Anoosh Chakelian blog: Did Nick Clegg reveal his preferred successor in his speech? News

    Blog | New Statesman source icon

    Praise for Danny Alexander, but small digs at Tim Farron and Vince Cable. Continue to article

  • = Key Development Tuesday 7th October
  • 22:45 Vince Cable: More tax rises will be necessary to reduce the deficit On air

    On Air | Vince Cable MP | Business Secretary | Newsnight, BBC Two Video Vince Cable MP

    Vince Cable said more tax rises may be necessary in the future given the severity of spending cuts that have been imposed in this parliament.   “It’s not necessarily a popular message, but the scale of the deficit is such, and there is a... Continue to article

  • = Key Development Monday 6th October
  • 19:17 Vince Cable: I don't rule out raising VAT On air

    On Air | Vince Cable MP | Business Secretary | Channel 4 News Video Vince Cable MP

    Vince Cable refused to rule out raising VAT after the election. "We’re not ruling anything out: any new government is going to have to face some very tough decisions on spending and tax and I’ve indicated some of the areas where we might... Continue to article

  • 17:15 Comres/ITV poll: Most British adults (56%) believe that the Liberal Democrats have become irrelevant Press Release

    17:15| Press Release

    A press release from ComRes and ITV:   COMRES / ITV NEWS POLL: MOST BRITONS THINK LIB DEMS HAVE BECOME IRRELEVENT  The latest poll conducted by ComRes for ITV News reveals that most British adults (56%) believe that the Liberal Demo... Continue to article

  • 14:56 Independent: David Cameron's Tories are just like Ukip – but without the beer,says Vince Cable News

    News | The Independent source icon

    Vince Cable today launched the Liberal Democrats’ toughest onslaught yet on the Conservatives’ economic plans, accusing David Cameron and George Osborne of lying to the voters with their promise to wi... Continue to article

  • 14:51 Transcript: Jo Swinson speech to the Liberal Democrat conference Transcripts

    Jo Swinson speech to the Liberal Democrat conference Transcripts

      Jo Swinson speech to Liberal Democrat conference   “The Ayes to the right 291, the Noes to the left 322.”… With those words the Lib Dem benches in the House of Commons erupted as we realised we had just defeated Tony Blair’s g... Continue to article

  • 14:09 Guardian: Vince Cable: Tory pledge to balance budget without raising taxes is a lie News

    News | The Guardian source icon

    At Lib Dem conference, business secretary accuses chancellor of dishonesty and says Tories obsessed by spending cuts Vince Cable has accused George Osborne of lying to the British people by claiming t... Continue to article

  • 13:23 Vince Cable: Lib Dems will return to Parliament in good numbers On air

    On Air | Vince Cable MP | Business Secretary | World at One, BBC Radio 4 Video Vince Cable MP

    Vince Cable said he is “confident” that the Liberal Democrats will be returning to Parliament in “good numbers” but that the task ahead would be “difficult”. “It is difficult. This is the first time in my life time that we’ve been in Gov... Continue to article

  • 13:04 Lib Dems will not go along with £25bn Tory cuts - Cable PoliticsHome News

    Lib Dems will not go along with £25bn Tory cuts - Cable PoliticsHome News

      The Liberal Democrats “will categorically not go along” with Conservative plans for £25bn of spending cuts, the Business Secretary has said. Addressing delegates at the party conference in Glasgow, Vince Cable attacked Tory spending... Continue to article

  • 13:03 BIS: Cable to bolster apprenticeship pay Press Release

    13:03| Press Release

    A press release from the Liberal Democrats: CABLE TO BOLSTER APPRENTICESHIP PAY Business Secretary Vince Cable today outlined proposals to simplify and boost the national minimum wage for apprentices, making apprenticeships an even mo... Continue to article

  • 12:49 Guardian: Vince Cable warns of inequalities caused by housing market crisis News

    News | The Guardian source icon

    Lib Dem business secretary says problem has been fuelled by chancellors Help to Buy and Right to Buy policies Vince Cable has warned of deepening inequality between social classes and the generations ... Continue to article

  • 11:35 Cable blasts Help to Buy, as he warns of housing 'crisis' PoliticsHome News

    Cable blasts Help to Buy, as he warns of housing 'crisis' PoliticsHome News

    The Government’s mortgage guarantee scheme is not helping more people to buy homes, Vince Cable has said. The Business Secretary said there was a “fundamental crisis” in the housing market that could only be addressed by increasing the ... Continue to article

  • = Key Development Friday 3rd October
  • 16:18 Vince Cable: We should be preserving our relationship with the ECHR not abandoning it On air

    On Air | Vince Cable MP | Business Secretary | BBC News Video Vince Cable MP

    Vince Cable expressed his opposition to plans announced by the Justice Secretary today to give MPs powers to veto European Court rulings.   “We have a very good system of justice in this country. It’s non-political and the European Court... Continue to article

  • = Key Development Monday 29th September
  • 10:46 Hancock makes pro-business Tory pitch PoliticsHome News

    Hancock makes pro-business Tory pitch PoliticsHome News

      Matt Hancock has vowed to "stand up for enterprise" and blasted Labour over the party's business credentials. In his speech to the Conservative Party conference, the Business Minister said the Tories would put the economy at the cen... Continue to article

  • = Key Development Monday 22nd September
  • 11:45 Vince Cable: Lib Dem's support principle of English votes for English issues On air

    On Air | Vince Cable MP | Business Secretary | Daily Politics, BBC Two Video Vince Cable MP

    Vince Cable said the Liberal Democrats supported English votes for English laws in principle, but he didn't want to see a new building or new representatives. "We certainly support the principle, there is an anomaly sat the moment, and i... Continue to article

Stories involving Vince Cable

Clegg defends Cable over Royal Mail sale

Vince Cable "struck the right balance" when setting the price of Royal Mail shares prior to its sell-off by the Government, Nick Clegg has insisted.

The Government sold 60% of the company at 330p a share in October 2013, raising almost £2bn, but MPs subsequently suggested the deal could have seen taxpayers short-changed by up to £1bn.

But the Deputy Prime Minister said a report by former City minister Lord Myners released today showed the Business Secretary had been wise to exercise caution over the valuation.

"Let’s remember what this report says, he says that it was done professionally, done well, mindful of the public interest, getting the right value for taxpayers," Mr Clegg said on his weekly LBC radio phone-in.

"People said 'oh, it’s been undervalued by £1bn'. Actually, it was sold at £2bn and you could have possibly got £180m more – a much, much smaller amount than people were suggesting, but you couldn’t have done that without taking additional risks."

Lord Myners said this morning that while it was "possible" for Royal Mail to have been sold "for 20p or 30p more a share," this would have added "considerable risk into the transaction".

"Actually, it was on balance a well-executed, complex exercise," he told the Today programme.

"The Government managed to achieve its objective: privatising the Royal Mail, exposing it to market discipline and importantly access to private capital should it require further capital in the future."

Dr Cable, who commissioned the report, welcomed its insights, saying: “Any decision to try to have priced the shares higher would have been risky. We were right not to take that risk.”

 


Clegg explains Autumn Statement absence

Nick Clegg has downplayed his absence from yesterday’s Autumn Statement amid heightening tensions between the two parties of the Coalition.

The Deputy Prime Minister decided not to attend the Chancellor’s speech outlining spending and tax plans, instead going to Cornwall.

“The reason I wasn’t there… I had a choice: did I listen to Ed Balls in the House of Commons or did I actually go out and talk to normal people?” he told his LBC phone-in show.

The Daily Telegraph had reported a source saying his absence was because he “doesn’t want to sit next to David Cameron or George Osborne”.

The Lib Dem leader also distanced himself from Vince Cable’s attack on the Conservative party.

Mr Clegg said he was “proud” of yesterday’s announcements, describing it as a “Liberal Democrat Autumn Statement as much as anything else”.

Dr Cable accused the Tories of trying to balance the books “brutally” and has written to the Office for Budget Responsibility to demand it sets out the differences between Tory and Liberal Democrat plans.

The Business Secretary yesterday implied that the Treasury has not been honest enough about the impact of future spending cuts.

George Osborne hit back at the criticism of him emerging from Liberal Democrats.

“In private, they sign up to all these decisions and then in public they slag them off. But that’s for them to explain to you,” he said on Sky News. 


Cable to adjudicate on BAE-EADS merger

Vince Cable is to be given 'quasi-judicial' powers over the proposed merger of defence firms BAE and EADS should the deal go ahead. Dr Cable will be given sole Government power over a move that is becoming increasingly politicised as concerns escalate over the possible national security implications. The Times reports that the merger would trigger an assessment under the Enterprise Act 2002, which requires the Business Secretary to approve mergers involving national security.


Govt reach 2m apprenticeship mark

The Business Secretary will today announce that the Government has reached its target of creating two million apprenticeships within the parliament.

At an event in Oxford, Vince Cable will say: “Apprenticeships are the ticket to a great job and a route employers trust to access the skills they need.”

Skills Minister Nick Boles insisted it was “just the start” and wanted to “see employers making apprenticeships a key part of their strategies for growth”.

Meanwhile, the latest data from Visa Europe has found consumer spending rose 2% in November, compared to a year earlier.


Cable bank 'needs £40bn'

New research has found Vince Cable's plan for a Government-backed business bank will need £40bn of taxpayer funding to be successful. A report by the IPPR think tank says that direct Government money for the scheme would be essential, something the Treasury is understood to be against. Tony Dolphin, the IPPR's chief economist, said: "A fully-fledged British investment bank should not be held back by the vagaries of the UK's accounting practices. Its self-financing activities should be excluded from the Government's target fiscal measures and it should be free to raise funds on capital markets."


Cable outlines industrial plans

Vince Cable has indicated improving access to finance for businesses will be a key part of the Government’s new industrial strategy which he will set out in more detail tomorrow.

Speaking in the House of Commons after Labour was granted an Urgent Question, the Business Secretary confirmed the Government was “actively looking” at the possibility of setting up a business bank to improve access to finance.

Other key areas he highlighted were dealing with problems sector-by-sector, improving technology, better skills for workers, and changing public sector procurement.

Dr Cable’s Labour counterpart Chuka Umunna was given the opportunity to scrutinise the plans ahead of the Business Secretary's announcement tomorrow.

Earlier today, the Business Department unveiled plans to exempt thousands of small businesses from health and safety regulations. At least 3,000 regulations, which some businesses have complained are holding them back, are to be removed.

Dr Cable promised the Government would now be "holding departments' feet to the fire to ensure all unnecessary red tape is cut".