Start-up loans scheme 'under target' - Labour

Labour's Chuka Umunna has criticised the Start-Up Loans Company for a slow start which has seen only £1.5m lent to young entrepreneurs.

The shadow business secretary welcomed the news that the government was expanding the scheme, which offers around £2,500 to help people start businesses, but questioned how the money was being delivered.

The Start-up Loans Company, which runs the scheme, said the relatively slow start was due to the time taken to set up local partnerships, but that the pace of loans had picked up during December.