Banks blocking £1bn small business fund
The banks are reportedly dragging their heels on contributing money to a new small business loan fund after learning that the Chancellor plans to tax bankers' bonuses.
This fund would be made up of £200 million worth of contributions from various investment banks, who are now reported to have "cold feet" after Alistair Darling announced the bonus tax in the Pre-Budget Report 2009. According to a report in The Times, the Prime Minister announced the introduction of the new fund, known as a National Investment Corporation (NIC), during the Labour conference in September.
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