Labour to use £1bn raised from mobile phone spectrum sale to fund SME bank

Labour will use an estimated £1bn raised from increasing the licence fees for the mobile phone spectrum to fund a British Investment Bank (BIB).

Toby Perkins, Labour’s shadow small business minister, told BusinessZone the current British Business Bank “lacks the ambition and resources to have the impact that is needed”.

“The next Labour government will build on the existing Business Bank to establish a proper British Investment Bank, with greater resources and ambition to improve access to finance for small and medium-sized businesses,” Perkins said.

The party plans to use BIB to support the growth of private sector regional banks. Perkins said these regional banks would have centres in each of the main city and county regions, with the role of understanding and building relationships with local businesses.

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