FLS will revitalise economy, says chancellor

08/August/2012

The government's new Funding for Lending Scheme (FLS) should provide the UK economy with a welcome boost.

That is according to Chancellor of the Exchequer George Osborne, who claimed that the new scheme will "revitalise" the UK economy.

Osborne used the National Loan Guarantee Scheme as an example of the impact such schemes can make, pointing to the 16,000 cheaper loans worth over £2.5 billion that have already been offered to firms across the country.

"In many cases the money saved has meant an extra person employed who otherwise still might be looking for work," he commented.

"The more generous FLS has officially opened for business and will in time effectively take over from the NLGS, delivering credit easing to the whole economy."

News of the scheme comes shortly after business coaching website Growyoursme.co.uk claimed that small and medium-sized enterprises have a "crucial" role to play in the UK's economic recovery.

According to Ed Percival, a business coach at the website, there is currently plenty of opportunity for UK company formations to rise if British entrepreneurs take advantage of the help that is being made available to them.