Loan guarantee scheme does not go far enough

George Osborne has stressed the loan guarantee scheme unveiled by the Government does not go far enough.

The Shadow Chancellor said our plans for a National Loan Guarantee Scheme, announced in November last year, were "bigger, bolder and simpler" than those proposed by Labour.

And while he welcomed the decision to finally take action to get credit flowing again to businesses, George warned that Labour's scheme "doesn't go nearly far enough":

"We believe it should be a simpler scheme that is available to employers of all sizes who can't get credit. And it should be on a scale that reflects the size of the problem, which is why we proposed £50 billion of guarantees."