Osborne's credit line disappoints

The National Loan Guarantee Scheme, aimed at helping enterprise access finance, will not benefit the UK’s smallest of companies, say the majority of business owners.

Two thirds of firms polled in a live blog of George Osborne's Autumn Statement said the 'S' of 'SMEs' (Small and medium enterprises), won't be beneficiaries of the chancellor's credit easing effort.

When asked about its likely uptake, 64% of the owner-managers said they doubted the scheme would be used by one-person business owners, mainly due to its high threshold.

"As the NLGS applies to companies with a turnover of up to £50m, it's perhaps not surprising that most entrepreneurs are sceptical about the benefits," said BusinessZone.co.uk, which ran the poll.

"Saying that you’re going to open up £40bn of bank loans to companies makes for a good headline, but it will mean nothing if the companies that need it most don't get access."