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Welcome for small businesses action plan - Mick Bates AM
October 29, 2008 5:30 PM
Montgomeryshire AM Mick Bates has given a warm welcome to plans to help small businesses survive the looming recession.
The plan by the party to boost businesses was launched by leader Nick Clegg and the party's Shadow Chancellor Vince Cable. The plan includes:
• a substantial cut in interest rates to lower the cost of loans and investment;
• immediately overhauling the Small Firms Loan Guarantee Scheme to improve government support for business loans;
• banks which receive government financial assistance adopting a new code of conduct on rearranging business credit and overdrafts;
• developing with energy companies an assistance package for small businesses struggling with high energy bills.
Commenting, Welsh Liberal Democrat Mick Bates said:
"Small businesses are an integral part of the local economy here in Montgomeryshire. We have already seen the closure of many local Post Offices throughout the region and we cannot afford to see any further decline in our local communities. It is vital that we take action now to protect all remaining small businesses and give them a fighting chance to get through the recession.
"The Government has given a massive bailout to the banks. But Ministers must now look at the bigger economy. Small businesses here in Montgomeryshire and throughout the country generally are suffering from the downturn. Profits are being squeezed and jobs are at risk.
"A big cut in interest rates will be a big boost to many local businesses and could mean the difference between staying open or closing down. Nick Clegg and Vince Cable have taken the lead with their plan to help businesses and I am giving it my full backing."
End/Diwedd
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