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Page last updated at 08:59 GMT, Wednesday, 1 August 2012 09:59 UK

Funding for Lending Scheme explained by Mark Hoban

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The Funding for Lending Scheme has been launched by the government to offer money to high street banks to loan to businesses and individuals at cheaper interest rates.

Financial Secretary to the Treasury Mark Hoban was asked to explain how it differed from the existing National Loan Guarantee Scheme, and how the government would stop banks keeping the "cheap money" and paying bonuses to staff.

He said it was "a real opportunity to see growth in the economy."

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