UK Chancellor Alistair Darling revealed plans in this week's Budget for a temporary scheme to use a maximum of GBP5 billion of state guarantees to ensure the provision of supply-chain insurance to companies. The scheme is expected to help SMEs weather the effects of the recession going forward, preventing further disruption of supply chains and cashflow and therefore aiding the economic recovery.
The passage of legislation in the US to raise the debt ceiling will be welcomed by investors worldwide, but US Treasuries are not out of the woods yet and Europe's debt faces further downgrades. This is bad news for the eurozone's high net worth investors, who hold 13% of their wealth in these supposedly "safe-as-houses" investments.
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