The British Business Bank: creating good sustainable jobs

The British Business Bank: creating good sustainable jobs
Document type
Report
Author(s)
Seaford, Charles; Prieg, Lydia; Shah, Sagar
Publisher
New Economics Foundation
Date of publication
1 September 2013
Subject(s)
Trends: economic, social and technology trends affecting business
Collection
Business and management
Material type
Reports

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This report finds that many publicly owned banks overseas have broader mandates than lending to SMEs, and argues that the British Business Bank's mandate should include supporting an industrial strategy to deliver good, sustainable jobs. An industrial strategy is needed because there are too few good jobs in the UK economy, for both graduates and non-graduates. In addition, the transition to a sustainable economy – one with businesses that can survive and thrive in a world where externalities are priced and regulated – is too slow. The bank should be part of delivering this strategy because it can:

  • incentivise business to align with the strategy;
  • send a strong message about the government’s commitment to the strategy;
  • help co-ordinate finance and other forms of business support;
  • internalise externalities; and
  • feedback from the front line into the strategic process.

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