Yep George Osbourne is threatening to underwrite the interest charged to small businesses by UK Banks, which as your would expect is totally irrelevant.

Underwriting the interest is great window dressing, propaganda for the masses, but absolutely irrelevant if the Banks don't loan money to small businesses.

Everyone knows, it would appear everybody except George Osbourne, the Chancellor of the Exchequer, there is an unwritten policy in UK banks not to lend money to UK small businesses.

They don't say yes, they don't say no, they just lose correspondence, send it to the wrong address, pass it on to another department until the poor sod who is trying to start or expand a business, gives up or goes bust.

I have seen this actually happen on five successive occasions, and had a bank manager, confirm all Banks are party to this destructive practise.

George Osbourne is complicit to this, ignorant of it, or just plain incompetent.