NEW BANK: Business secretary Vince Cable will today announce the creation of a government-backed bank to invest in UK private enterprise.

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He will also say that the government has found £1bn of new money to be invested through the bank, which will also aim to lever in further private sector funding.

Mr Cable said: “We need a British business bank with a clean balance sheet and a mandate to expand lending rapidly and we are now going to get it.”

PENSION PLAN: The Liberal Democrats have said they want to explore the idea of allowing middle-aged parents to borrow against lump-sums in their pension so that they can offer their children money for a deposit on a house.

The plan is not yet official party policy, but insiders claim it has received a positive reception from pension and mortgage providers.

BAG TAX: Lib Dem conference passed a motion yesterday calling for a new levy on plastic bags. The proceeds would pay for “community food initiatives”.

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