Vince Cable

Next week, on January 21st, there will be a local economic summit on the 'credit crunch' featuring the council, local MPs, local businesses and other 'strategic partners' such as the Adult and Tertiary College.

The council has also appointed a new Cabinet Member, Geoff Acton, to be responsible for relations with local business, helping local companies in the 'credit crunch'.

Vince Cable MP who is to address the summit said that he was receiving emails and links from "a growing number of local companies which are now seriously struggling. There is now little work in construction and retailers are being forced out of high streets. On Friday I interviewed a local estate agent forced out of business and now able to repay his loans to the bank, only with the help of his parents' and grandparents' pensions. There are lots of stories like this."

The local council is currently helping small companies by settling all bills within 10 days of receiving an invoice; mailing all local businesses with advice on council rate relief under the Small Business Rate Relief (SBRR) scheme; maintaining Town Centre managers; and funding an advisory service to help retailers and small companies 'proof' themselves against the recession."