Economist backs strategic bank call

LEADING economist Jim Power has supported the call for a Strategic Investment Bank in order to free up credit for the small business community.

The Government advisory body, the National Economic and Social Council (NESC) suggested the establishment of such a bank earlier this week, saying it would be “a key step” towards providing finance for business.

Speaking at the launch of the latest Friends First quarterly economic outlook, Mr Power said the move would be “essential” as bank credit is likely to remain scarce, adding that the Government “should be looking very closely at the NESC’s suggestions”.