Mark Carney was advised to back a GBP1 billion investment bank for small businesses. Business leaders told Bank of England's new governor to sustain economic recovery by lending to small firms. Carney took over from Sir Mervyn King on Monday.

The British Chamber of Commerce also urged Carney to add more funds to the economy. The move will be a segment of quantitative easing project. It was hoped to support the UK's fragile recovery.

John Longworth, BCC director general, stated the new governor must find means to channel funds. He said Carney ought to help producers and small enterprises or jeopardize the nation's revival.

"While we are seeing signs of a stronger recovery across the business community, we have no illusions about the challenges ahead for the UK economy," he added.

The Bank of England was supposed to rebuff increasing the budget for quantitative easing program. Its committee on interest rate setting was expected to decline putting an addition to the current GBP375 billion funds.