New fund to help small businesses

Gordon Brown has proposed a new £12 billion fund to help firms in the credit crunch.


Gordon Brown has proposed a new £12 billion fund to help firms in the credit crunch.

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.

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