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UK business bank 'will be fast-tracked'

The British government is eager to get its new business bank up and running as quickly as possible, a minister has stated.

Chief Secretary to the Treasury Danny Alexander has revealed the administration will not waste any time in terms of the creation of this new state-backed institution, the Daily Telegraph reports.

During his speech at the Liberal Democrats' autumn conference in Brighton, England yesterday (24 September), business secretary Vince Cable revealed the coalition will provide up to £1 billion ($1.6 billion) to help make sure the initiative is a success.

This figure will then be boosted by a "larger private sector contribution", which should mean small and medium-sized enterprises across the country will be able to access up to £10 billion in credit.

And Mr Alexander has pledged that the establishing of this bank is "top priority" and will be fast-tracked through the legislative process in the same way emergency requests for military equipment are dealt with.

By Claire Archer