Chancellor George Osborne's speech last night at the Mansion House is noteworthy. He has announced a big bold plan of the Bank of England's intention of providing £100 Billion (One Hundred Billion Pounds) into the United Kingdom economy, to aid Recovery. This will be in the form of lending being made available to the banks to lend onwards to their customers.
This in the Diamond Jubilee Year and right before the crowds arrive for the London Olympics in July, is a measure par excellence, and should stimulate the economy sufficiently to realise the best expectations. When the small businesses can borrow and invest in stocks and upgrades and employing staff, that will add to the economic momentum.
An additional aspect the government needs to help in is the review of the Uniform Business Rates These need to be offered with a discount to struggling businesses, maybe for a year or so, so that those businesses can survive and prosper.
If funds are also made available to people wishing to buy their first homes but who don't have enough deposit, and to the Prime Minister's favourite Big Society idea of re-introduction of Council House Right-to-Buy scheme, a great cheer will go up in the nation as people get imbued with confidence that the government is helping them in creating a better future for themselves and translating their innate energy and enthusiasm into wealth for themselves and their families.
Let's hope the High Street banks will be vigorous in their lending. The Chancellor's bold and very generous measure is to be applauded.