Vince Cable announces Business Bank.
Run professionally and at arms-length from Whitehall, it will not lend directly but act as a wholesale institution funding via small new banks and "non-bank" bodies.
If I've got this right, a government department will act as a bank and lend to banks at preferential rates, then the banks will lend to business as before. How exactly is this going to help the economy?
Quote of the day!
For the next two years Britain is a two-party system, and the Lib Dems are one of them.
[Tim Farron, the Lib Dem president.]