The Prime Minister has told the House of Commons: “Having taken action on the banking system, we must now take action on the global financial recession, which is likely to cause recession in America, France, Italy, Germany, Japan, and – because no country can insulate itself from it – Britain, too."
One thing is for sure: times are going to get even tougher for the nation’s entrepreneur-led businesses.
There have been welcome calls for smaller businesses to be given a VAT holiday by the Treasury as well as an edict from the PM that the government must pay its invoices from small firms within ten days of receiving them
Meanwhile, Business Secretary Peter Mandelson and Chancellor Alistair Darling will meet with the heads of the country’s largest banks tomorrow to urge them to start lending to small businesses again.
But will all of this help?
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