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Council's £100M Banking On Essex Scheme Set For Axe

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http://www.telegraph.co.uk/finance/businessclub/8341279/Councils-100m-Banking-on-Essex-scheme-set-for-axe.html

Banking on Essex, a joint venture between Essex County Council and Santander, is due to be closed, the council has announced, attributing its decision to budgetary constraints and a lack of demand from small businesses.

The scheme was established in 2009 in an effort to help small companies struggling to win investment because of the financial crisis and was backed with £100m, half of it public money.

However, the initiative lent just £535,000 and cost £386,000 to establish.

Peter Martin, Leader of Essex County Council said: “We’ve taken a view that Banking on Essex was a great idea two years ago when the recession started and banks weren’t lending money.

"In view of the limited take up of the scheme, and the fact that the Government has come to agree with the banks to lend more money [through Project Merlin], the need for this scheme isn’t as great.

Excellent value for money, I wonder how much of the setting up cost Santander took?

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Essex County Council - political composition:

Conservative 60 Seats

Labour 1 Seat

Liberal Democrat 12 Seats

Independent 2 seats

(Last election: May 2009)

So, is this the sort of bright idea we can expect on a UK scale? With equal success?

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Essex County Council - political composition:

Conservative 60 Seats

Labour 1 Seat

Liberal Democrat 12 Seats

Independent 2 seats

(Last election: May 2009)

So, is this the sort of bright idea we can expect on a UK scale? With equal success?

Probably.

Lots of people running around believing the bullsh11t that the problem holding back the economy is desperate small businesses looking to expand and not being able to raise credit. No idiot wants to be loading up with debt right now, its a flipping recession.

Rather than spend taxes trying to encourage indebtedness they should leave things to correct. Which they will over time.

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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