Welcome for small businesses action plan - local Liberal Democrats
October 29, 2008 6:13 PM
The Liberal Democrats will give help to small businesses
Liberal Democrats in Westminster are backing plans to help small businesses survive the looming recession.
The plan by the party to boost businesses was launched by leader Nick Clegg and the party's Shadow Chancellor Vince Cable. The plan includes:
- a substantial cut in interest rates to lower the cost of loans and investment
- immediately overhauling the Small Firms Loan Guarantee Scheme to improve government support for business loans
- banks which receive government financial assistance adopting a new code of conduct on rearranging business credit and overdrafts
- developing with energy companies an assistance package for small businesses struggling with high energy bills
"Small businesses are the lifeblood of the economy", said local Liberal Democrat spokesperson Sophie Service. "It is vital that we give them a fighting chance to get through the recession.
"The Government has already given the banks a massive bailout, but ministers need now to look at the wider economy. Even here in the heart of London, indeed in the City of London itself, there are a great many small businesses. They are suffering from the downturn. Profits are being squeezed and jobs are at risk.
"A big cut in interest rates will be a big boost to many local businesses and could mean the difference between staying open or closing down.
"Nick Clegg and Vince Cable have taken the lead with their plan to help businesses. I am giving it my full backing."
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