During a visit to manufacturer Street Crane’s factory in High Peak, Derbyshire, Osborne revealed plans to boost the number of lower cost loans available to UK businesses.
Osborne said that by providing low interest funding for other lenders from the bank of England, these banks could use the facility to provide lower cost loans directly to UK businesses. Banks will only receive this funding on condition that the funds are used to make lower cost loans directly to UK businesses and families.
The chancellor said: "The end result is a firm like this will see a cheaper loan so it can expand and take people on."
Street Crane chairman Martin Street said: "Let’s hope that this scheme makes it easier for these companies to invest in new cranes, and we can then see a revival of the fortunes of our UK crane sales and the manufacturing sector generally."
