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Thursday 29th of January 2009
January 26, 2009

Chancellor plans Britain’s answer to Obama’s stimulus package


by Kay Murchie
”Chancellor

Chancellor Alistair Darling has admitted that a second package of tax and spending measures may be required to prevent the UK from entering a deep and profound recession.

Measures include help for the ailing car industry, which is suffering as consumers continue to cut back on non-essential items. Proposals under consideration include an expansion of the asset-backed guarantee scheme for mortgages to car loans and the purchase of corporate bonds to help improve cash flow.

Meanwhile, Mr Darling has indicated that he is prepared to improve Britain’s infrastructure and help other industries such as environmental technology, pharmaceuticals and the creative industries.

Mr Darling believes that by borrowing more money to boost key industries, economic recovery can begin.

Mr Darling is to begin his work this week on the plans. US President Barack Obama recently announced a $800 billion (£586 billion) stimulus package for the US designed to save or create 4 million jobs.

Mr Obama is in the process of persuading Congress to approve the measures so he can begin work on dragging the world’s largest economy out of recession.

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Story link: Chancellor plans Britain’s answer to Obama’s stimulus package


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