The Treasury has officially opened the Funding for Lending Scheme (FLS) which will enable businesses to grow and borrow money at a cheaper interest rate for up to four years.

The scheme will deliver economic growth and increase infrastructure investment to the UK which will create jobs for trade professionals including electricians, plumbers and gas engineers.

Commenting on the FLS Chancellor George Osborne said that the scheme will provide lasting benefits for thousands of people in Britain and boost the economy.

Mr Osborne said: “Today’s announcement aims to make mortgages and loans cheaper and more easily available, providing welcome support to businesses that want to expand and families aspiring to own their home.”

It is expected that banks currently offering loans through the National Loan Guarantee Scheme (NLGS) will continue to offer their NLGS branded product.

The Chancellor said: “The NLGS has made a real difference, with over 16,000 cheaper loans worth over £2.5bn already offered to businesses across the UK. In many cases, the money saved has meant an extra person employed who otherwise still might be looking for work.

“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.”

Do your predictions correspond to Chancellor’s indications for economic growth and more jobs? What do you think about the FLS? Share your thoughts by commenting here or raising your voice on our Facebook page.

The Government will enable businesses across Britain to access more and cheaper loans which will boost the economy and create new jobs, the BBC has reported.

Chancellor George Osborne announced the new £ 80 billion scheme, describing it as “a huge help for the British economy” which will give businesses the confidence to grow.

Under the Funding for Lending Scheme British banks will be able to lend money to businesses at a low interest rate, enabling the expansion of smaller businesses and the creation of new employment opportunities.

The Chancellor said: “Today’s announcement aims to make mortgages and loans cheaper and more easily available, providing welcome support to businesses that want to expand and families aspiring to own their home.”

Mr Osborne added the initiative would “inject new confidence into our financial system and support the flow of credit to where it is needed in the real economy – showing that we are not powerless to act in the face of the Eurozone debt storm”.

Welcoming the government’s announcement Director-General at the CBI, John Cridland, said: “This new scheme should provide a real incentive for banks and building societies to increase their lending to businesses and individuals, if possible at lower rates of interest.”

What is your reaction to the Funding for Lending scheme and how do you think you will be able to benefit from the £80 billion investment? Let us know what you think by commenting here or raising your voice on our Facebook and Twitter page.

Chancellor of Exchequer, George Osborne, has revealed positive growth figures for the British economy up to 2016, unemployment to fall and the inflation rate to decrease, giving hope to millions of people out of work and boosting businesses across Britain.  

The Chancellor said that the Office for Budget Responsibility has revised its forecast figures for growth with an increase of 2% for the next year. Budget 2012 has been described by the Chancellor as a budget rewarding work and encouraging economic growth.

Mr Osborne said that the government will provide funding to upgrade railway lines in the north of England and deal with the lack of airport capacity in the South-East which will create new jobs in the building construction sector.

The Chancellor said: “We want to look at the opportunities for increasing the role of private investment in the road network, learning lessons from the water industry.”

Significant news for the building sector, revealed today in Budget 2012, was the government’s commitment to provide an extra £100 million to improve accommodation for armed forces personnel’s families.

Ten Major UK cities are to receive £100 million to fund 100Mbps superfast broadband in areas where private sector would not normally reach. Those are Belfast, Birmingham, Bradford, Bristol, Cardiff, Edinburgh, Leeds, Manchester, Newcastle and London.

Talking about the renewable energy sector, Chancellor Osborne said that the government will continue with its commitment to support green energy initiatives in the future. However, Mr Osborne said the government will make sure it ensures the fiscal effectiveness of the renewable energy.

Chancellor Osborne said: “I also want to see investment in our world-leading energy sector including renewables,” saying that “renewable energy will play a crucial part in Britain’s energy mix but I will always be alert to the costs we’re asking families, business to bear.”

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The UK’s largest employers group, the Confederation of British Industry (CBI), has appealed to the government to stimulate economic growth by investing more into infrastructure projects.

Although the building construction sector remains one of the most stable industries in the UK, the CBI thinks greater investment is needed for infrastructure projects to encourage continual growth and business confidence.

The CBI has proposed a number of measures for the government as an opportunity to provide real boost for private sector investments in infrastructure schemes and give more support to small and medium businesses.

General Director at CBI, John Cridland, explained that the government should use Chancellor’s budget statement next month to deliver significant financial stimulus to make mortgages more affordable to the housing market.

Mr Cridland thinks future growth through reforms of the UK’s tax system is essential for businesses to invest in Britain. He is calling on the government to make some changes into the current system which will create new opportunities for growth.

Mr Cridland highlighted the significance of infrastructure investment as one of the most important priorities which the government needs to support in order to encourage industry’s growth and create permanent jobs.

He said: “Delivering private sector investment in infrastructure, supporting mid-sized businesses, hammering out the details on credit easing, extending the Youth Contract to 16 and 17-year-olds, and introducing the New Build Indemnity Scheme for mortgages at the earliest opportunity will all provide a real boost for UK growth and jobs.”

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The Chancellor George Osborne has been urged by business leaders to allocate more investment on capital projects rather than on the current expenditure which will give boost to the construction industry and encourage economic growth.

Improved access to government funds, cutting red tape for businesses and giving greater investment to infrastructure projects are the key demands by business leaders. The call comes ahead of the Chancellor’s budget statement next month which is expected to make significant announcements for creating new jobs and boosting the national economy.

The Construction Products Association (CPA) has urged the Chancellor to cut VAT for domestic projects that will improve energy efficiency for thousands of homes across the UK.

Chief Executive at CPA, Michael Ankers, said that the Chancellor needs to allocate in the budget more capital spending for housing and infrastructure projects because it will give confidence to businesses and provide sustainable investment for growth.

Mr Ankers said: “The 2012 Budget provides the Chancellor with the opportunity to introduce a package of measures to stimulate the economy and deliver growth. This should include a further rebalancing of public spending away from current expenditure and into capital investment, as this will not only generate economic activity and employment but will increase long term productivity as a result of improving the infrastructure of this country.”

What would your suggestions be to the Chancellor Osborne to help businesses across the UK? Is capital investment the best way to create jobs and sustainable development for growth? Share your thoughts by leaving a comment below: 

There has been a significant increase in the number of vacancies advertised in the building construction industry, despite the negative forecast on UK unemployment figures to reach almost 3 million by the end of this year.  

Recruitment consultants have reported an increase in construction vacancies for the first month of this year. One of the UK’s largest construction engineering recruiter has reported a rise of more than 50% in the number of advertised construction vacancies on their website, careerstructure.com.

Data published by the Recruitment and Employment Confederation (REC) has shown that engineering and construction workers were the most sought after employees in the UK. In contrast, the demand for hotel and catering staff has significantly declined according to the last survey from this year.

The Chartered Institute of Personnel and Development (CIPD) has published a report suggesting unemployment will continue to rise. However, the building construction industry is expected to continue to hiring more workers due to recent infrastructure projects and significant government investment.

The government has invested £5 billion towards infrastructure projects announced in the Autumn Statement in November, by Chancellor George Osborne. This has proven a positive incentive for the industry in regards to the progressive requirement as a result of business confidence and growth in the construction sector.

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