Stockport Lib Dems Welcome for small businesses action plan

3.23.00am GMT Tue 28th Oct 2008

Liberal Democrats in Stockport have backed plans to help small businesses survive the looming recession.

The Liberal Democrat plan to boost businesses was launched by party leader Nick Clegg and the 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

"Stockport is an area with a lot of small businesses, they are at the heart of our local economy," said Stuart Bodsworth Lib Dem Parliamentary candidate for Stockport. "It is vital that we give them a fighting chance to get through the recession.

"The government has moved to bail out the big banks. Now it is time for ministers to consider the wider economy. Small businesses here in Stockport, and everywhere else, are suffering from the economic downturn. Many jobs are on the line as pressure builds on the small business economy.

"I know how much hard work and dedication goes into keeping a small business afloat because my wife and I used to run a café. I also know how important small businesses are to the economy as a whole.

Many small start up businesses rely on borrowing to get off the ground so a big cut in interest rates would offer a lifeline to many local enterprises and could make the difference for their survival.

"The Lib Dem leadership of Nick Clegg and Vince Cable has my support, it is time for the government to follow their lead too."