Speaking at the Liberal Democrat's autumn conference, Cable also reiterated the coalition government's commitment to new technologies.

Working with Chancellor of the Exchequer, George Osborne, Cable plans to launch a British 'business bank' that will combine a billion pounds worth of new government capital with a 'larger private sector contribution'.

He said: "This will apply leverage through guarantees to support up to ten billion pounds of finance to small and mid-sized business - a significant portion of all the lending currently available."

This is the latest in a string of government announcements that are aimed at achieving long-term economic growth through the support of industries that foster innovation, entrepreneurs and start-ups.

The most successful of these being the government's ambition to create a technology hub in the UK, dubbed Tech City, which is based in the Shoreditch area of London. This has led to a , including Google.