Civic duty for regional banks
A REGIONAL bank would be set up aimed at boosting lending to Devon businesses under a Labour Government, says Ed Miliband.
It would be among a network of not-for-profit institutions nationwide which would only make loans to businesses and entrepreneurs in the area, with a civic duty to promote growth.
Closer ties with local firms and a better understanding of the area's economy would make it easier for companies to access the investment they need to grow and create jobs according to Labour.
Although details are still being hammered out, the banks' boards could include members of local authorities or enterprise partnerships. They may also have high street branches.
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The Labour leader outlined plans in a speech to the British Chambers of Commerce.