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| Brown gives small business a £12bn lifeline |
Gordon Brown has secured a £12 billion lifeline to save small businesses being swamped by the credit crunch.
The radical proposal was agreed with leaders from France, Germany and Italy at an emergency summit in Paris last night.
Small businesses are struggling to survive because banks are refusing to lend them money as customers rein back on spending. But now they can turn to the lifeline.
Earlier Mr Brown had called for global solutions to global problems.
A series of emergency meetings involving international leaders will now be held to co-ordinate a response to the economic crisis.
He reassured families and businesses that “liquidity will be assured in order to preserve confidence” and promised “to clean up the system”.
He added: “We agree we must do more to co-ordinate our response. This crisis that has come from America has affected all businesses.”
Mr Sarkozy said: “We all accept responsibility on our shoulders”.
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