New fund to help small businesses
Oct 08 2008
Gordon Brown has proposed a new £12 billion fund to help firms in the credit crunch.
The prime minister suggested the fund, aimed specifically at small businesses, in order to help them amid rising costs in the current economy.
Brown spoke before travelling to Paris for a meeting with other European leaders, saying the money can be used by 'small businesses in our country' to allow them to 'continue to employ staff and continue to provide services'.
He states the current market conditions need a global solution as the problems with the price of oil and the credit crunch are international.
Following the meeting, a European Investment Bank-backed fund of 30 billion euros (£23 billion) was approved by leaders from Italy, Germany and France.
President of France Nicolas Sarkozy initially called the summit to discuss the effect the US economy is having on Europe.
It is reported by Reuters continued talks between Brown, Sarkozy and Jean-Claude Trichet, president of the European Central Bank, have occurred today.
The prime minister suggested the fund, aimed specifically at small businesses, in order to help them amid rising costs in the current economy.
Brown spoke before travelling to Paris for a meeting with other European leaders, saying the money can be used by 'small businesses in our country' to allow them to 'continue to employ staff and continue to provide services'.
He states the current market conditions need a global solution as the problems with the price of oil and the credit crunch are international.
Following the meeting, a European Investment Bank-backed fund of 30 billion euros (£23 billion) was approved by leaders from Italy, Germany and France.
President of France Nicolas Sarkozy initially called the summit to discuss the effect the US economy is having on Europe.
It is reported by Reuters continued talks between Brown, Sarkozy and Jean-Claude Trichet, president of the European Central Bank, have occurred today.
Comment by Neil Sparks
Saturday 11th October 2008Comment by Paul Szalacsi
Saturday 11th October 2008I would think only through the banks, I have been chasing debtors and need an increased overdraft to help me along.No such luck, I have been charged 4 x £25 this week for going over limit. One was a DD for £0.47p. Why would greedy banks increase an overdraft limit when they can make £100/week in illegal bank charges.The taxpayer is now a major shareholder in the banks,but is not allowed to access any funding.This £12 billion of Gordon Brown's will be used for anything other than small businesses.
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