UK banks to invest £1.5bn in small businesses

According to reports, the fund would likely buy up to a 10% stake in the shares of companies with an annual turnover of £10m to £100m. It should also make it easier for small businesses to borrow more money from the major institutions. Chancellor George Osborne, in a joint statement with business secretary Vince Cable, said it was "an important first step" by the banks. "We have been absolutely clear that banks need to improve the lending environment for small businesses," the statement read. The report comes from the business finance taskforce, which was set up in the summer by...