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With the British government’s efforts to revive its flagging economy so far failing to take effect the government has announced a £21 billion (A$46 billion) plan to help small to medium sized businesses access credit.
Under the package the government will partially guarantee up to £20 billion of short-term bank lending to viable firms with revenue up to £500 million ($A1.1 billion), The Wall Street Journal reported overnight.
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Speaking at a news conference business secretary Peter Mandelson said; “UK businesses are the backbone of our economy so it is vital that the government acts now. We are absolutely determined to do everything we can to support viable companies through this global downturn.”
