6th October 2008
European leaders have created a relief plan to help small firms come through the worst of the financial crisis.
Prime Minister Gordon Brown announced the £25 billion deal at a meeting in Paris between Britain, France, Germany and Italy.
The news came after Mr Brown had initially asked for the early release of £12 billion from the European Investment Bank.
In addition, the leaders of the four countries agreed to set up a college of regulators and to coordinate their response in times of crisis.
"The message to families and to business is that as our central banks are already doing, liquidity will be assured in order to preserve confidence and stability," Mr Brown said.
"This crisis which has come from America is affecting all businesses, so we agreed to ask the EIB to frontload £25 billion of finance for small business loans.
"We also agreed to do far more to clean up the system where there has been irresponsibility."
IMAGEPA
£25 billion Euro money promised to small businesses
Prime Minister Gordon Brown announced the £25 billion deal at a meeting in Paris between Britain, France, Germany and Italy.
The news came after Mr Brown had initially asked for the early release of £12 billion from the European Investment Bank.
In addition, the leaders of the four countries agreed to set up a college of regulators and to coordinate their response in times of crisis.
"The message to families and to business is that as our central banks are already doing, liquidity will be assured in order to preserve confidence and stability," Mr Brown said.
"This crisis which has come from America is affecting all businesses, so we agreed to ask the EIB to frontload £25 billion of finance for small business loans.
"We also agreed to do far more to clean up the system where there has been irresponsibility."
IMAGEPA
Tags: Regulations
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