A British Investment Bank

You can see the full challenge paper here – bank, and the summary of the NPF discussions at Aston is here – Stability and Prosperity.

Conference in September will debate the issue and confirm final policy.

 

Prior to the Aston meeting of the NPF, the Stability and Prosperity Commission had put out a first draft and then a revised “challenge document” – a short document outlining the main issues for this priority issue set by Annual Conference.

The main challenges Labour has to deal with were identified as:

  • commercial banks are not lending to businesses and so are choking growth
  • the party agrees that there is a need for an industrial bank to bring long-term, sustainable growth in jobs and the economy
  • what scope should a British Industrial Bank have?
  • how should it be funded?

After the final NPF meeting at Aston in June 2013, the conclusions agreed were:

  • we need a Bank with a long-term outlook in lending to businesses, rather than the short-term outlook of commercial banks
  • it should lend to businesses, but also provide some infrastructure funding. Long-term job creation should be its highest priority
  • the bank must have a proper regional network
  • it must lend to businesses of all sizes, not just a few high profile large projects
  • it should be able to raise its own funds as similar banks do in other countries, as well as receiving state funding
  • it should work with the Green Investment Bank

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