Osborne: Credit easing scheme is possible because of deficit reduction

Chancellor George Osborne cites the government's austerity measures as having made the credit easing policy to help small businesses possible:

"The government promised to help small businesses get access to lower interest rates.

"Today, we deliver on that promise with a nationwide scheme.

"It's only because we've earned credibility with our deficit reduction plan that we have low interest rates, and it's only because of this scheme that we can pass the benefits of those low rates onto businesses."