Brown to propose £12bn small business fund
Gordon Brown among EU leaders meeting in Paris to discuss turmoil in financial markets
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Saturday, 04, Oct 2008 03:26
Gordon Brown is to suggest a £12 billion fund to protect samll businesses when he meets with other European Union leaders in Paris this afternoon.
Mr Brown said the the small business fund will keep those companies afloat and enable them to get money immediately to continue to pay staff and provide services to prevent the situation from worsening.
He added: "We have got to show how we can do more in Britain and across Europe to help small businesses, as well as households, through what is a difficult economic time but where I believe Britain can lead the way out of the difficulties."
The prime minister will be joined by the leaders of France, Germany and Italy as the leading European economies come under renewed pressure.
Leaders will be looking for a coordinated response to the crisis affecting economies across the continent, as well as safeguarding the banking industry and other businesses in the short and long-term.
Speaking at 10 Downing Street before his departure for Paris, Mr Brown said: "I will be proposing to the leaders that we work together to clean up the system, both in America and Europe where there have been problems.
"That we call a timetable for international meetings to agree the changes that will open up those areas which have been far too often closed and not transparent."
Ahead of the summit at the Elysee Palace – which itself precedes a meeting of G7 finance ministers – a French plan to instigate a €300 billion (£237 billion) rescue package appeared dead in the water.
Germany rejected the notion of a US-style bailout when the idea was mooted midweek, while French president Nicolas Sarkozy has since denied he wanted to submit the idea to leaders in Paris.
Also on the table today will be potential protection measures for the banking sector after Ireland and Greece voted to guarantee all savings in domestic banks.