Economic Performance and Business — supports Government measures reducing payment period and rejecting spending cuts — 21 Oct 2008 at 21:43

The majority of MPs voted to pass the motion, which read:^[1]

• This House
• notes that in the 1980s Britain experienced two recessions with unemployment reaching three million on both occasions, a thousand businesses a week were lost and that interest rates reached 15 per cent.;
• further notes that the roots and effects of the current financial crisis are global and unprecedented in recent decades;
• believes that at such a time it is essential that the Government acts to restore stability and confidence and therefore supports the action the Government has taken to inject liquidity into the banking system, to recapitalise the banks and to make funds available to resume the medium term lending essential to small businesses;
• further notes that the UK is better placed than in the past to get through the economic downturn with an economy that has produced three million more jobs over the past decade and enjoyed strong growth and low inflation;
• supports Government measures such as the Prime Minister's announcement to reduce to 10 days the payment period from central government to small businesses and to bring forward funding for small businesses available through the European Investment Bank; and
• believes that the Government should reject public spending cuts at this time and continue working with the banks to ensure the availability and competitive pricing of lending to the small and medium-sized business sector.

This was put in place of the previously rejected motion.

• [1] Patrick McFaddon MP, House of Commons, 21 October 2008

Debate in Parliament | Source |