Government to reveal small business plan
THE Government is preparing to unveil a £20bn loan guarantee scheme for small businesses, it was reported today, in an attempt to flow much-needed credit back into the economy .
An announcement could be made as soon as tomorrow, with the state effectively “insuring” banks against firms defaulting in return for a fee. The plan would be similar to one endorsed by the Tories - although they have called for a £50bn commitment.
Gordon Brown told a meeting of the Parliamentary Labour Party last night that further action in relation to banks and small businesses was imminent.
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