EU announce small business rescue plan

Date: 8th October 2008

A multi-billion pound rescue package for small businesses has been announced by the European Union.

The £25 billion fund is the result of a meeting between the leaders of Europe's largest economies and will be financed by the European Investment Bank.

However, the Paris summit failed to agree on plans for a more ambitious 300 billion euro support package that had been proposed earlier in the week.

The British prime minister, Gordon Brown said: "We will continue to do whatever is necessary to preserve the stability of the financial system."

German chancellor, Angela Merkel, and Italian prime minister, Silvio Berlusconi, were both in attendance alongside French premier Nikolas Sarkozy, who launched a scathing attack against "speculative capitalism", while calling for "moral issues to be taken account of" in the financial sector.

Leaders at the summit also criticised Ireland for its decision to guarantee its population's savings.

Small businesses have until the end of this month to file their self-assessment tax return with HM Revenue and Customs, while those submitting online have until the end of January next year.