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Government's growth plan "not enough", say MPs

Bank support is highlighted as a crucial element in promoting growth.

The cross-party Business, Innovation and Skills Committee has published its findings into the UK government's growth promotion strategy.

The report, which considers the effectiveness of different proposals being put forward by the government, has concluded that the current measures do not combine to create a "comprehensive strategy".

Focusing on the issue of access to capital by businesses, the report found through statistical and anecdotal information, that there remains a persisting inability of businesses to access finance.

The difficulty in ensuring that finances were available was attributed in part to the lack of transparency around lending targets.

Measures including the government's Project Merlin were said to be a move in the right direction, but evidence of their effect on the industry needed to be assessed.

The gap between government rhetoric, and delivery in real terms, was also recognised by the Committee.

Business Secretary Vince Cable acknowledged that further action was necessary.

The Business Secretary stated that the government is working closely with business in efforts to promote growth.

The report calls on the Government to publish its statistics relating to lending targets.